The British pound is still holding onto its weekly gains against the US dollar, with the pair currently creating bullish higher highs. The four-hour time frame shows that the pair is trapped inside a wedge pattern, with the bottom of the wedge located under the 1.2840 level. A breakout above the 1.2910 level is currently needed for bulls to break free from the neutral pattern.
• If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2910 and 1.2940 levels. • If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2840 and 1.2770 levels.