The British pound is starting to breakout above the 1.2200 level against the US dollar, with the pair now trading at a fresh 2021 trading high. Lower time frame analysis shows that the latest move higher in the GBPUSD pair has invalidated a large head and shoulders pattern. Now that the bearish price pattern has been invalidated then the GBPUSD pair could rally towards the 1.4330 resistance level.
The GBPUSD pair is only bullish while trading above the 1.4200 level, key resistance is found at the 1.4235 and the 1.4300 levels.
If the GBPUSD pair trades below the 1.4200, sellers may test the 1.4160 and 1.4100 support levels.
