GBPUSD Holding support

The British pound is holding key support against the US dollar, ahead of a slew of important data releases from the United Kingdom economy. Technical analysis shows that bulls need to defend the 1.3580 level in order to keep the recent recovery intact. A bullish inverted head and shoulders pattern on the lower time frames is pointing to a coming rally towards the 1.3720 level.

• The GBPUSD pair is only bullish while trading above the 1.3580 level, key resistance is found at the 1.3660 and the 1.3720 levels.

• If the GBPUSD pair trades below the 1.3580, sellers may test the 1.3420 and 1.3300 support levels.