FX.co ★ GBP/USD: upside reversal signaled

GBP/USD Forecast!

As you can see on the H4 chart, the GBP/USD pair dropped within a down-channel pattern. Now, the rate escaped from this chart formation signaling that the downside movement ended and that the buyers could push the rate higher.

It was traded at 1.1593 at the time of writing below the 1.1632 today's high. After its strong growth, the price could come back to test and retest the broken downtrend line before jumping higher.

GBP/USD Trading Conclusion!

Testing and retesting the downtrend line could confirm the breakout. Jumping and stabilizing above 1.1632 could activate further growth and could help the buyers to catch a larger upwards movement.