FX.co ★ GBPUSD weekly analysis

GBPUSD is trading firmly above 1.35. Price has broken above weekly resistance and bulls now try to recapture 1.36. Our breakout target is around 1.40 as we explained in previous analysis. Trend remains bullish as long as price is above 1.3350.

Green line - support

Green rectangles - tests of 1.35

GBPUSD continues to make higher highs and higher lows. Trend is clearly bullish. We expect bulls to remain under control of the trend as long as price respects the green support trend line. This support is at 1.3350. Of course any reversal below the break out area of 1.35 would be a bearish sign, trend changes on a break below the green line. Until then, target is 1.40.