The British pound has moved to ten-week high trading against the US dollar currency, as a bullish inverted head and shoulders pattern continues to unfold to the upside. GBPUSD bulls could target the current yearly trading high, at 1.4240, if a breakout above the 1.4200 level takes place. Any pullbacks towards the 1.4010 support level is likely to be a major buying opportunity for GBPUSD bulls.
The GBPUSD pair is only bullish while trading above the 1.4010 level, key resistance is found at the 1.4200 and the 1.4240 levels.
If the GBPUSD pair trades below 1.4010, sellers may test the 1.3980 and 1.3940 support levels.
