The British pound look set for a major week ahead against the US dollar as the pair searches for a medium-term technical breakout. A move above the 1.2470 resistance level exposes further gains towards the 1.2600 level, while a move under 1.2300 should be considered bearish. From a technical perspective, a bullish reversal pattern is pointing to more upside gains towards the 1.3000 area.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2300 and 1.2200 levels.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2470 and 1.2600 levels.
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