The British pound has risen to a new monthly trading high against the US dollar, with the pair moving within touching distance of the 1.2800 level. Technical analysis shows that a bullish inverted head and shoulders pattern, with 500 points of upside potential has been activated. More gains are expected in the short and medium-term while price trades above the 1.2640 level.
The GBPUSD pair is only bullish while trading above the 1.2640 level, key resistance is found at the 1.2800 and 1.3000 levels.
The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2600 and 1.2550 levels.
