The British pound has staged a strong upside rally against the US dollar, following the release of more positive news regarding Brexit negotiations. GBPUSD bulls have now triggered a bullish inverted head and shoulders pattern, with the 1.2480 level the overall target. The 1.2310 level is the next major resistance level to watch if bulls can maintain the GBPUSD pair above the 1.2250 level.
The GBPUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2150 and 1.2080 levels.
If the GBPUSD pair holds above the 1.2200 level, buyers may test towards the 1.2310 and 1.2360 levels.
The GBPUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2150 and 1.2080 levels.
If the GBPUSD pair holds above the 1.2200 level, buyers may test towards the 1.2310 and 1.2360 levels.
