FX.co ★ GBP/USD: new uptrend

GBP/USD 1.2273 Upside Obstacle!

The GBP/USD pair extended its new upside movement and now is located at 1.2252. Technically, a new uptrend was signaled after the rate jumped above the downtrend line, after escaping from the down channel.

The uptrend line represents a downside obstacle, so the currency pair could resume its growth as long as it stays above it. Technically, the historical high of 1.22743 stands as an upside obstacle.

GBP/USD Trading Conclusion!

Staging above the uptrend line and jumping beyond 1.2273 indicates further growth.

Dropping and stabilizing below the uptrend line invalidates further growth and brings a new downwards movement.