GBPUSD Trapped Inside Wedge Pattern

The British pound is maintaining upside pressure on the US dollar on Friday, with short-term buyers still holding price around the 1.2660. The GBPUSD pair is currently trapped within a rising wedge pattern on the lower time frames, with a break of 1.2650 to 1.2720 levels now needed. It is also worth noting that pairs 100-period moving average on the four-hour time frame continues to cap upside advances.

The GBPUSD pair is bullish while trading above the 1.2650 level, key resistance is found at the 1.2680 and 1.2720 levels.

If the GBPUSD pair trades below the 1.2650 level, sellers will likely test the 1.2600 and 1.2528 support levels.