GBP/USD is bullish and it continues to stay near a critical resistance area. Anything could happen in the short-term, so you should wait for a fresh trading signal. A valid upside breakout suggests buying, while a reversal pattern announces a corrective phase.

The pair continues to stay higher as the UK’s Retail Sales indicator registered a 1.2% growth in October, even if the specialists have expected to see a 0.3% decline. Also, the Euro-zone Consumer Confidence could shake the markets a little in the afternoon, so you should be ready for more volatility.

The Pound Is Still In Charge!


GBP/USD bullish bias remains intact even if the selling pressure could intensify around the immediate resistance levels. Technically, the price is somehow expected to challenge the R1 (1.3301) and the channel’s upside line once again after retesting the Pivot Point (1.3202) level.

A valid breakout through the mentioned resistance level and above the second warning line (wl2), a new higher high, should signal further growth towards the third warning line (wl3). On the other hand, a pin bar, false breakout with huge separation, or a major bearish engulfing signal a sell-off.

  • GBP/USD Trading Conclusion

The channel’s upside line remains a very strong dynamic resistance, so another false breakout or a drop under 1.3195 former low without toughing the resistance levels could bring a short opportunity. A new lower low could suggest a deeper drop, towards the up channel’s support line.

GBP/USD is still bullish, so have could search for a new long opportunity if the rate takes out the near-term resistance levels (channels upside line, R1, and the wl2). Closing and stabilizing above these obstacles, above the 1.33 psychological level could indicate a potential growth towards the 1.35 level.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.