FX.co ★ GBP/USD downside seems over

GBP/USD Upside Breakout!

The GBP/USD pair is trapped between 1.3357 former hign and the 1.3199 low which stands as a downside obstacle. It has dropped within a down channel pattern. The sellers seem exhausted after the price failed to rech and retest the channel's downside line or to stabilize below 1.3199.

Now, it's almost to reach the downtrend line, the channel's resistance (upside line). Jumping and staying above it may announce potential further growth.

GBP/USD Trading Conclusion!

The GBP/USD pair is trading sideways. Jumping and stabilizing above the downtrend line and above the 1.3357 could announce a new swing higher, a potential uptrend. This scenario could bring new buying opportunities.