GBPUSD analysis – British pound recovers above 1.2200

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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