The GBP/USD pair has recently broken above the resistance level at 1.2839, extending its upward movement from 1.2664 to a high of 1.2872. This bullish trend suggests that further gains could be on the horizon.
Key Levels to Watch
- Resistance Levels:
- Current Resistance: 1.2872
- Next Target: If the upward momentum continues, the next resistance level to watch is 1.2942.
- Support Levels:
- Initial Support: 1.2810
- A break below this level could lead to a decline towards the 1.2740 support level.
Market Outlook
The recent breakout above 1.2839 indicates strong bullish sentiment in the market. After a minor consolidation, the GBP/USD pair still has the potential to rally further towards the 1.2942 resistance. However, traders should keep an eye on the initial support at 1.2810; a drop below this level could signal a reversal and a move back towards 1.2740.
Conclusion
The GBP/USD pair is currently in a positive trend, with the potential for further gains if it can maintain its position above key support levels. Traders should monitor the 1.2810 support closely, as this will be critical in determining the next direction for the pair. As always, practice proper risk management and stay informed about market developments that could impact currency movements.