GBPUSD 1.2800 upcoming

The British pound has risen to a new monthly trading high against the US dollar, with the pair moving within touching distance of the 1.2800 level. Technical analysis shows that a bullish inverted head and shoulders pattern, with 500 points of upside potential has been activated. More gains are expected in the short and medium-term while price trades above the 1.2640 level.

• The GBPUSD pair is only bullish while trading above the 1.2640 level, key resistance is found at the 1.2800 and 1.3000 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2600 and 1.2550 levels.