GBPUSD correction underway
The British pound has started to correct lower against the US dollar after the pair surged towards the 1.3500 resistance level ealrier this morning. Sustained weakness below the 1.3375 level could see the GBPUSD correcting back towards the 1.3200 support level. Overall, a bullish inverted head and shoulders pattern is in play while price trades above the important 1.3375 level.
If the GBPUSD pair trades below the 1.3375 level, key support is found at the 1.3300 and 1.3200 levels.
The GBPUSD pair is bullish while trading above the 1.3375 level, further upside towards the 1.3500 and 1.3610 levels still appears possible.