GBPUSD trapped inside wedge pattern

The British pound is maintaining upside pressure on the US dollar on Friday, with short-term buyers still holding price around the 1.2660. The GBPUSD pair is currently trapped within a rising wedge pattern on the lower time frames, with a break of 1.2650 to 1.2720 levels now needed. It is also worth noting that pairs 100-period moving average on the four-hour time frame continues to cap upside advances.

• The GBPUSD pair is bullish while trading above the 1.2650 level, key resistance is found at the 1.2680 and 1.2720 levels.

• If the GBPUSD pair trades below the 1.2650 level, sellers will likely test the 1.2600 and 1.2528 support levels.