GBPUSD gaining traction
The British pound is appearing increasingly bullish against the US dollar currency as the pair attempts to gain strength above the 1.2400 level. A bullish inverted head and shoulders pattern is building and is projecting a move towards the 1.2800 level. The one-hour time frame shows that a sustained breakout above the 1.2480 resistance level will trigger the bullish pattern in action.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2480 and 1.2610 levels.