FX.co ★ GBP/USD In Uptrend Mode!

GBP/USD continues to grow and it approaches the 1.2787 former high as the USD is into a corrective phase, decrease, versus most of the major currencies. The pair is trading within a major up channel, above an uptrend, so the outlook is bullish. GBP/USD could resume its current uptrend.

GBP/USD could climb higher as long as it stays above the uptrend line, another higher high, peak high, top, will validate a potential growth towards the upside line of the major up channel.

• GBP/USD Trading Tips

Sell only below the 1.2627 static support area, or after a valid breakdown below the uptrend line, if GBP/USD fails to stay above this trendline. This scenario is less likely to take shape.

Buy GBP/USD if it moves and stays beyond the 1.2800 psychological level. Also, a minor decrease towards the uptrend line could give us a chance to go long, to buy this pair, but only if the pair stays above the uptrend line. The major upside target remains at the upside line of the major ascending channel.