GBPUSD bullish pattern forms
The British pound looks set for further gains this week against the US dollar after the pair closed the week above its key 200-day moving average. The recent rally above the 1.2640 level has created an extremely large bullish reversal pattern on the lower time frame. Technical analysis shows that key short-term support for the GBPUSD pair is located at the 1.2610 and 1.2550 levels.
The GBPUSD pair is only bullish while trading above the 1.2450 level, key resistance is found at the 1.2700 and 1.2850 levels.
The GBPUSD pair is only bearish while trading below the 1.2450 level, key support is found at the 1.2400 and 1.2300 levels.