GBPUSD bullish while trading above 1.2660 level
The British pound has continued to advance higher against the US dollar during the European trading session, as the greenback comes under pressure ahead of today’s US monthly jobs report. The intraday sentiment surrounding the GBPUSD pair is currently bullish, following the recent break above the pivotal 1.2660 resistance level. If buyers fail to sustain the current rally, we may start to see the formation of a bearish head and shoulders pattern across the lower-time frames.
The GBPUSD pair is intraday bullish while trading above the 1.2660 level, key resistance is now found at the 1.2720 and 1.2810 levels.
If GBPUSD sellers move price back under the 1.2660 level, a further decline towards the 1.2600 and 1.2528 levels seems possible.