The British pound is attempting to recover yesterday’s losses against the US dollar after the greenback firmed in the aftermath of the FOMC meeting minutes. A bullish inverted head and shoulders pattern on the lower time frames, with at least 160 points of upside potential is still valid while the price trades above the 1.4010 level. Bulls need to move the price above the 1.4165 resistance level in order for the pattern to be activated again.
The GBPUSD pair is only bullish while trading above the 1.4160 level, key resistance is found at the 1.4220 and the 1.4245 levels.
If the GBPUSD pair trades below the 1.4160, sellers may test the 1.4100 and 1.4070 support levels.
