GBP/USD Trade Analysis
Current Trend: Uptrend.
Support Levels: 1.3000 and 1.2762.
Resistance Levels: 1.3168.
GBP/USD Trade Ideas:
Price on the daily chart of the GBP/USD is now trying to continue on with the trend higher that it has been making since March of this year.
As the attached daily chart shows, price had recently formed a range and price action box formation.
Price has now broken out and above this range and is attempting to make a fresh move higher.
This breakout and old breakout resistance level is important in this market. Not only was it an important resistance level, but it is the big round number 1.3000.
If this level holds as a new role reversal support level, we could see price continue with the trend and make a new test of the next resistance around 1.3168.
Edited 13 Oct 2020, 13:47
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