FX.co ★ GBP/USD: upside continuation needs confirmation

GBP/USD Uptrend!

The GBP/USD pair ended its downside movement and now it has turned to the upside. It has registered a strong growth in the short term and now is trading at 1.2450. Technically, the uptrend line represents a downside obstacle, while the 1.2460 former high is seen as an upside obstacle.

As long as it stays above the uptrend line, the currency pair could resume its growth, it could approach and reach new highs. The upside scenario could be invalidated only if the rate drops and stabilizes below the uptrend line.

GBP/USD Trading Conclusion!

Jumping above 1.2460 validates an upside continuation and could represent a buying opportunity.