FX.co ★ GBP/USD downside seems over

GBP/USD downtrend line breakout

The GBP/USD pair turned to the upside after finding strong demand at 1.3355. Now it has jumped above the downtrend line which represented a dynamic resistance, an upside obstacle. After the current strong growth, we cannot exclude a temporary decline. GBP/USD could come back trying to test and retest yesterday's high of 1.3466.

As long as it stays above this level, GBP/USD could extend its upside movement. Also, jumping above 1.3492 today's high and above 1.3500 psychological level may activate an upside continuation.

GBP/USD trading conclusion

A minor decline its natural after its current sharp growth. Staying above 1.3466, above the uptrend line, and jumping above 1.3492 could signal further growth and could bring new buying opportunities.