FX.co ★ GBPUSD bounces higher.

In our previous analysis on GBPUSD we talked about the break out and above the wedge pattern and the horizontal resistance at 1.32. Today price is breaking above this resistance providing an added bullish signal.

Blue rectangle- horizontal resistance

GBPUSD has made a higher low after the wedge break out and is now breaking above the resistance at 1.32. As we mentioned in our previous analysis holding above 1.32 is key. If bulls manage to defend 1.32 then we should soon expect price to reach 1.3360-1.3390. Support is at 1.32 and next at 1.3118.