The British pound remains well-supported against the US dollar after traders bought the pair, following a short-lived dip on Tuesday. A bullish inverted head and shoulders pattern on the lower time frames continues to suggest further gains towards the 1.3000 level. A break under the 1.2600 support level may cause traders to sell the GBPUSD pair towards the 1.2500 technical area.
The GBPUSD pair is only bullish while trading above the 1.2500 level, key resistance is found at the 1.2800 and 1.2880 levels.
The GBPUSD pair is only bearish while trading below the 1.2500 level, key support is found at the 1.2420 and 1.2350 levels.
