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.
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.