Fundamental analysis

GBP/USD: upside continuation in cards

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GBP/USD Upside Reversal!

The GBP/USD pair extended its growth after retesting the broken downtrend line. Personally, I’ve drawn an uptrend line that represents a downside obstacle. It was traded at 1.1557 at the time of writing right above the 1.1483 former high (upside obstacle turned into downside obstacle).

As long as it stays above this level and above the uptrend line, the pair could resume its growth.

GBP/USD Trading Conclusion!

Jumping above the downtrend line and passing above the 1.1483 former high signaled that the downside movement is over and that the buyers could drive the rate towards new highs.

Staying above 1.1483 and jumping above 1.1642 could bring new buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com


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