The British pound has moved towards the 1.2400 level against the US dollar, following bullish news surrounding British PM Boris Johnson’s new Brexit proposals. The GBPUSD pair has a strong bullish bias while trading above the 1.2325 level, with the 1.2470 level currently acting as extended weekly resistance. Overall, the latest rally has also helped to complete the bearish head and shoulders pattern on the lower time frames.
The GBPUSD pair is only bearish while trading below the 1.2325 level, key support is found at the 1.2275 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2325 level, key resistance is found at the 1.2440 and 1.2510 levels.
