GBP/USD Price Analysis: Cable refreshes multi-month highs
- GBP/USD jumps to the highest level in over 2-1/2 years.
- The weekly chart shows bulls are in control.
GBP/USD is trading at 1.3690 at press time. That's the highest level since April 2018. The previous 31-month high of 1.3686 was reached last week.
The inverse head-and-shoulders breakout seen on the weekly chart indicates the path of least resistance is to the higher side, and significant resistance is currently located at 1.4056. That level is presently housing the trendline falling from 2007 highs.
The broader bias would remain bullish while the pair is held above the previous week's low of 1.3429.
As for today, the former daily chart hurdle-turned-support of 1.3625 is the level to beat for the sellers.
Weekly chart
Trend: Bullish
Technical levels
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