The GBP/USD pair extended its upside movement as expected after passing above 1.3357. As you know from my analysis, the currency pair is expected to climb towards new highs if it passes above the downtrend line and above 1.3357. I've told you that the next major upside target is represented by the 1.3500 psychological level. It remains to see how the pair will react around this upside obstacle.
Jumping and stabilizing above the former high of 1.3500 may announce that the upside movement could resume. Technically, if the pair fails to jump and hold above the 1.35 level, testing and retesting this line may signal that buyers are exhausted and that GBP/USD could develop a downside movement.
GBP/USD trading conclusionGBP/USD could register a larger upwards movement if the price jumps and stabilizes above the 1.35 upside obstacle. This scenario could also bring new buying opportunities from above the immediate obstacle. Technically, after the price jumps and stays above an upside obstacle, it may resume its growth.