GBPUSD bullish above 1.2640

The British pound appears increasingly bullish against the US dollar, as the continues to close above its key 200-day moving average, around the 1.2685 level. A major bullish technical breakout from a triangle pattern has also taken place on the higher time frames. Overall, the GBPUSD pair has the potential to test towards the 1.2840 level while the triangle pattern remains valid.

• If the GBPUSD pair trades above the 1.2640 level, key resistance is found at the 1.2780 and 1.2840 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2590 and 1.2500 levels.