Wednesday, March 28, 2018

GBP/USD Continues Developing Within The Trend Channel

GBP/USD continues developing within the trend channel from 1.19858 (January 2017) and until now the pair has broken out above the resistance trend line just once reaching a local high at 1.43452.

The scenarios that could develop from now on are the following:

The pair could test the trend line for a second time and in case it succeeds in breaking out above it, it could continue its move north to the upper side of the resistance zone (in blue) between 1.4650 and 1.4700.

In case the test is unsuccessful the pair could renew its depreciation to the support trend line of the channel around 1.3770 – 1.3800.