GBPUSD wedge play
The British pound is still holding onto its weekly gains against the US dollar, with the pair currently creating bullish higher highs. The four-hour time frame shows that the pair is trapped inside a wedge pattern, with the bottom of the wedge located under the 1.2840 level. A breakout above the 1.2910 level is currently needed for bulls to break free from the neutral pattern.
If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2910 and 1.2940 levels.
If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2840 and 1.2770 levels.