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GBP/USD - Breakout may happen this week

FX:GBPUSD   British Pound/U.S. Dollar
On the weekly chart, we can see two falling trend lines - Blue and red.

  • At 1.4660, the spot is back above blue trend line , but still needs to take out red rising trend line .
  • Note that blue trend line was breached quite a few times on day end closing basis, but on the weekly closing basis the resistance stayed intact.
  • However, the breakout may happen this week. Popular opinion is that Uk staying in EU would boost Pound and gilt yields and vice versa.
  • Either we would have a clear breakout or a failure which would indicate sell-off.
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