The British pound is looking more bullish in the short-term against the US dollar currency as traders bought the recent dip under the 1.3900 level. GBPUSD bulls now need to hold the price above the 1.3940 level in order to encourage gains back towards the 1.4000 level. Bears need to be careful as a bullish inverted head and shoulders pattern is warning of a coming rally towards the 1.4100 level.
The GBPUSD pair is only bullish while trading above the 1.3940 level, key resistance is found at the 1.4000 and the 1.4100 levels.
If the GBPUSD pair trades below the 1.3940, sellers may test the 1.3885 and 1.3870 support levels.
