The British pound is trading sideways against the US dollar as traders await the outcome of today’s Bank of England policy decision. A bullish inverted head and shoulders pattern is a key feature across the lower time frame, with bulls looking to ignite the pattern with a break above the 1.3930 level. GBPUSD dip-buyers may also be a reward if with another buying opportunity if a price pullback towards the 1.3860 area occurs.
The GBPUSD pair is only bullish while trading above the 1.3860 level, key resistance is found at the 1.3930 and the 1.4010 levels.
If the GBPUSD pair trades below the 1.3860, sellers may test the 1.3830 and 1.3800 support levels.
