GBPUSD In Solid Uptrend

GBPUSD.jpg

The British Pound is in a crucial uptrend against the US Dollar and recently moved above the 1.3240 resistance area.

The GBPUSD pair is following two ascending channel patterns with supports near 1.3220 and 1.3200 on the hourly chart. The pair recently tested the inner channel resistance and correcting lower towards the 50% Fib retracement level of the last wave from the 1.3208 low to 1.3267 high.

As long as the pair is positioned well inside these channels and remains above 1.3200, it is likely to accelerate higher towards 1.3280 or even above 1.3300. Below 1.3200, the pair could extend declines towards 1.3150.

Leave a Reply