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- GBP/USD continues to trade in an uptrend
GBP/USD continues to trade in an uptrend
On the hourly chart, the GBP/USD pair continues to trade in an uptrend, confirming a break above the resistance level of 1.3725 and gaining a foothold above it. The price is steadily approaching the key level of 1.3790, which acts as the nearest resistance. In case of a confident breakdown of this zone, we can expect a test of the 1.3800 level. Support has shifted to 1.3725, and the next levels are 1.3675 and 1.3590, where the MA (200) H1 moving average also passes, confirming the overall upward momentum. The MACD indicator is in the positive zone and is strengthening, which indicates the dominance of the bulls. An increase in the histogram indicates an increase in upward pressure. Thus, the technical picture remains positive, and in the event of a breakdown of the current resistance, the pair may continue to grow towards 1.3850.
Resistance levels are: 1.3790, 1.3835, 1.3910
Support levels are: 1.3725, 1.3675, 1.3590
The main scenario for the pair's advance suggests a breakout of the session high of 1.3790 and there may be an increase to 1.3835 (Oct 26’ 2018 high)
An alternative scenario implies a breakout of the session low of 1.3725 and there may be a decline to 1.3675 (June 30 low).
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