29 August 2019, OctaFX – The British pound is holding back above the 1.2200 level against the US dollar after quickly reversing from the 1.2150 level.
GBPUSD technical analysis
The well-flagged neckline of the head and shoulders pattern on the one-hour time frame is found at the 1.2195. The four-hour time frame tells a different story, with a bullish pattern still holding an upside projection close to 1.2500.
The GBPUSD pair is bearish while trading below the 1.2195, key support is found at the 1.2110 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2195 level, key resistance is found at the 1.2310 and 1.2380 levels.
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