See also
The British pound sterling continues to rise higher, marking a new high of 1.3866 intraday. But price action is pulling back after testing this level. The Stochastics oscillator is firmly in the overbought levels supporting the bias.
For the moment, the downside remains limited until we see a lower high formation by breaking below 1.3820. Given the current pace of gains, the GBPUSD is seen testing the support area of 1.3820.
If sterling fails to close below previous low / support, it might trade within 34-month 1.3866-1.3820.
From a theoretical perspective, GBP/USD exchange rate continues to follow the rising wedge pattern. It is likely that the currency pair could break the pattern on the hourly chart. On the downside, pound could reach the untested support level near 1.3750 will be the likely downside target in case of a correction.
GBP/USD now has potential to push towards 1.40 within a higher 1.3750-1.40 range near-term
You have already liked this post today
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaTrade in figures
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.