FX.co ★ GBPUSD weekly breakout

GBPUSD is trading above 1.35. In a previous analysis we noted that key resistance is found in the area of 1.35. Price got rejected three times before at this area and it is a confirmed key resistance. Breaking above it will open the way for a move towards 1.40.

Green line - support trend line

Green rectangles- rejections

Blue lines -size of upward move expected

GBPUSD is in a bullish trend. Price continues making higher highs and higher lows respecting the green support trend line. As long as price is above the green trend line resistance we remain bullish. Support now is found at 1.3280. GBPUSD has the potential for a move towards 1.40 as long as it stays above 1.35 and the green trend line.