Gbp/Usd Technical Analysis


The cable rebounded from the lower bound of the upward channel and continues its upside movement for several days. It's the scenario we were pointing out in our previous technical analysis. The key resistance area that is also the upper bound of the consolidation will be probably tested next week.

In case of breaking above it we should see the surge towards the previous highs. However the current candlesticks doesn't look good for demand and any side of the market can gather momentum and take advantage of it. Any plunges should be stopped on the lower bound of the upward channel.