The British pound is starting to rise against the US dollar, with the pair probing back towards the technically important 1.4200 resistance area. Lower time frame analysis shows that a break above the 1.4235 level would invalidate a large head and shoulders pattern. If the bearish price pattern is invalidated then the GBPUSD pair could rally towards the 1.4370 resistance level.
The GBPUSD pair is only bullish while trading above the 1.4160 level, key resistance is found at the 1.4235 and the 1.4370 levels.
If the GBPUSD pair trades below the 1.4160, sellers may test the 1.4100 and 1.3960 support levels.
