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ALFakhrany

GBPUSD | GBP/USD Expected to Rise from Defined Support Levels

Long
British Pound / U.S. Dollar (OANDA:GBPUSD)  
ALFakhrany Updated   
OANDA:GBPUSD   British Pound / U.S. Dollar
Technical Indicators
2
0
indicator
The technical analysis indicates that the GBP/USD currency pair is currently moving in a defined upward channel, as the pair shows on the weekly timeframe a trading pattern inside an inverse head and shoulders formation. Some technical indicators suggest that the pair is currently trading near a strong support level at 1.4000, which has been tested several times in the past and has proven itself as an important support area. Therefore, it is expected that the pair will continue to trade within the upward channel and rise towards the potential resistance level at 1.4500 in the near term, while maintaining the strong pivotal support level at 1.4000 as a minimum for future rebounds.
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Trade closed: target reached
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