Sterling testing uptrend resistance
British Pound/U.S. DollarFXCM
Description
⋅ GBP/USD is testing slope resistance here at fresh yearly highs.
Price has been trading within the confines of an ascending pitchfork formation with an embedded channel guiding this latest advance.
Initial support along the channel backed by 1.2249/58 - bullish invalidation at 1.2078.
A topside breach from here exposes 1.2660 and 1.2763.
Michael Boutros, Sr Technical Strategist with FOREX.com
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@MBForex