The British pound is starting to look bullish against the US dollar currency, following Friday’s strong price advance towards the 1.4000 price area. Lower time frame analysis shows that an extremely large inverted head and shoulders pattern has now formed. Gains above the 1.4010 resistance level are currently required to ignite the bullish pattern, which holds 200 pips of upside potential.
The GBPUSD pair is only bullish while trading above the 1.3930 level, key resistance is found at the 1.4100 and the 1.4210 levels.
If the GBPUSD pair trades below the 1.3930, sellers may test the 1.3880 and 1.3830 support levels.
