FX.co ★ GBP/USD May Extend Its Growth

GBP/USD trades at 1.3718 and it continues to stay higher. The price has registered a temporary drop, retreat, but now is back in a resistance area between 1.3750 and 1.3687 levels.

Technically, a resistance area or level is a zone with high supply from where the price drops. When the price passes above a resistance level, area, it is expected to continue higher towards new highs and obstacles.

The 1.3700 psychological level is seen as a strong resistance as GBP/USD was rejected from around this obstacle. So, passing and stabilizing above it could signal that the pair will continue to increase approaching again the up channel's upside line.

Trading Conclusion!

Jumping above 1.3700 and staying there for two, three sessions could represent a buying opportunity with an immediate target at 1.3800, while 1.3850 is seen as the next one.