The British pound is attempting to gain bullish momentum against the US dollar, following better than expected UK Retail Sales data this morning. The four-hour time frame is showing that the GBPUSD pair is trapped within a triangle pattern, between the 1.2195 to 1.2155 levels. A bearish break should see the 1.2000 level tested, while a bullish break should see upward momentum to 1.2250 level.
The GBPUSD pair is bearish while trading below the 1.2080 level, key support is found at the 1.2055 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2080 level, buyers may test towards the 1.2195 and 1.2250 levels.
