FX.co ★ GBP/USD: more gains ahead

GBP/USD Aggressive Breakout!

The GBP/USD pair registered an amazing rally. It's trading at 1.3405 level at the time of writing far above 1.3357 broken resistance, above the former high. If you remember, I've talked about this scenario in my previous analysis. I've told you that GBP/USD could develop an upside reversal if it jumps above the downtrend line and above the 1.3357.

In the short term, we cannot exclude a temporary decline. The price could slip lower towards 1.3357 before resuming its upwards movement towards the 1.3500 former high which stands as an upside target.

GBP/USD Trading Conclusion!

GBP/USD announced strong buyers after ignoring the downtrend line and the 1.3357 upside obstacles. The breakout above these levels signaled potential further growth. A minor drop could help the buyers to catch a new upside momentum.

GBP/USD's sideways movement above 1.3357, a temporary consolidation could bring new buying opportunities with potential target at 1.3500 psychological level.