GBP/USD has been trading upwards. The price tested the level of 1.3244. We found strong bullish momentum.
According to the H1 time – frame, we found confirmed breakout of the inverted head and shoulders pattern, which is sign that GBP/USD may continue with the upward movement. Most recently, there is also breakout of the bullish flag pattern, which is another sign of the strength. Key resistance at the price of 1.3227 is broken so GBP may test the strong resistance at 1.3377. Support levels are seen at the price of 1.3160, 1.3080 and 1.3009.
Trading recommendation: We are long on GBP from 1.3230 and with target at 1.3377. Protective stop is placed at 1.3150.
The material has been provided by InstaForex Company - www.instaforex.com