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- GBP/USD shows a powerful upward movement
GBP/USD shows a powerful upward movement
On the hourly chart, the GBP/USD pair demonstrates a powerful upward movement, confidently overcoming the resistance levels of 1.3450, 1.3510 and 1.3580. The price has consolidated above the MA (200) H1 moving average, which confirms the change of the medium-term trend to an upward one. The current momentum looks strong, and the MACD indicator is actively growing, supporting the bullish sentiment. The absence of signs of divergence indicates the stability of the movement. The nearest resistance is in the area of 1.3635–1.3640, and in case of its breakdown, the way to new highs will open. During the correction, the key support levels are located at 1.3580 and 1.3510. The technical picture remains positive, and the potential for further growth remains, with a hold above 1.3580.
Resistance levels are: 1.3635, 1.3670, 1.3580
Support levels are: 1.3580, 1.3510, 1.3450
The main scenario for the pair's advance suggests a breakout of the resistance at 1.3635 (June 13 high) and there may be an increase to 1.3670 (May 2’ 2018 high)
An alternative scenario implies a breakout of the support from 1.3580 (June 18 high) and a possible decline to 1.3510 (June 20 high, MA (200) H1).
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