FX.co ★ GBP/USD: upside reversal from above 1.2219

GBP/USD Downside Seems Over!

The currency pair registered a strong upwards movement after reaching the 1.1850 psychological level. You knew from my previous analysis that the GBP/USD pair could develop an upside reversal only after passing above the downtrend line and above 1.2075.

These represented upside obstacles. The rate ignored these levels and now it was almost to reach the 1.2219 former high which stands as an upside obstacle.

GBP/USD Trading Conclusion!

Passing and stabilizing above the 1.2219 former high confirms a potential upside continuation and an upside reversal. This scenario could help traders to buy this pair.