The British pound has staged a strong upside breakout above the 1.2500 resistance level against the US dollar during the European trading session. A bullish breakout from an inverted head and shoulders pattern is underway while price trades above the 1.2480 level. The GBPUSD pair could now start to rally towards the 1.2610 and possibly the 1.2800 resistance level this week.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2550 and 1.2610 levels.
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