The GBP/USD broke above a strong resistance level of 1.5385, which was the correction maximum (61.85 Fibonacci level from the high of 1.5750) and approached the weekly downtrend line at 1.5525, amid increasing volume.
- DirectionPeriodExpected price dynamicsPrice movement corridor↑↓2 days≈230 pipsMax. 1.5800Min. 1.5200
The possibility of further rise is very high, amid positive correlation on the EUR/USD, which also continues to rise, while the bullish signals remain dominant. First, the pair should cross the downtrend line 1.5525 to open the way to 1.5585. Should the pair cross the resistance level of 1.5585, this will support short-term buying with the target at 1.5720.Alternative forecast
Should the price kickback from the downtrend line 1.5525 or the resistance level of 1.5585, this will signal a return and a short-time reversal in the market. A bearish target will be set at the support level of 1.5385.
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