GBPUSD: Expect Further Upside on Bull Pennant Breakout
The GBPUSD broke out of a bullish pennant which sets a technical upside target around 1.30. This bullish expectation is also in line with the broader uptrend since November where GBPUSP steadily climbed from a low of 1.21 to hovering around 1.28 now.
On the daily timeframe, GBPUSD is headed to test previous resistance zone around 1.283 (R1) and we expect a pullback to re-establish 1.275 zone (S1) as support. In the event of a successful breach above R1 after rebounding from S1, the path to bull pennant target around 1.30 (R2) is open. The overall trend remains bullish unless its invalidated with a break below 1.26 (S2) support zone.
On the daily timeframe, GBPUSD is headed to test previous resistance zone around 1.283 (R1) and we expect a pullback to re-establish 1.275 zone (S1) as support. In the event of a successful breach above R1 after rebounding from S1, the path to bull pennant target around 1.30 (R2) is open. The overall trend remains bullish unless its invalidated with a break below 1.26 (S2) support zone.
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