FX.co ★ GBP/USD: 1.1642 obstacle violated

GBP/USD Strong Buyers!

The currency pair registered a strong upside movement after the US reported lower-than-expected inflation in October. Now, it is trading at 1.1678 at the time of writing above the 1.1642 former high which represented an upside obstacle.

After jumping and stabilizing above the downtrend line, the GBP/USD pair was expected to develop a new upwards movement. The uptrend line represents a downside obstacle. Failing to retest it in the last attempt signaled strong upside pressure.

GBP/USD Trading Conclusion!

Breaking above 1.1642 and retesting it is seen as a buying opportunity as the rate signaled an upside continuation.