The Pound has been rallying recently, and the GBPUSD pair remains in a nice uptrend. On Wednesday, it was up 0.15%, trading at around 1.3670 ahead of the US session.

The next resistance is at the current cycle highs of 1.37. Judging from the recent bullish momentum, this level might be broken today, and sterling might continue further higher.

From the medium-term perspective, the next target should be at 1.40, while short-term traders might favor taking some profits in the 1.38 area.

Alternatively, the support could be at 1.36, afterward at around this week’s lows of 1.3450, and the major level to watch is currently near 1.3380, where the medium-term uptrend line is located. 

The greenback continues to be under pressure, and any rallies are expected to be met with selling. Thus, the medium-term trend remains bullish. 

Source: https://www.axiory.com/technical-analysis/cable-testing-previous-highs

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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