The British pound is attempting to recover bullish momentum against the US dollar after recently finding technical support from the 1.2210 level. The one-hour time frame clearly shows a bearish head and shoulders pattern, with the 1.2195 level the breakdown area. Bulls need to move price above the 1.2310 level to negate the pattern or the GBPUSD pattern could slip back towards the 1.2100 level.
The GBPUSD pair is only bearish while trading below the 1.2195 level, key support is found at the 1.2150 and 1.2100 levels.
If the GBPUSD pair holds above the 1.2195 level, buyers may test towards the 1.2310 and 1.2380 levels.
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