GBP/USD has been trading sideways at the price of 1.3200 but we expect the further upward movement and potential test of 1.3377
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Our analysis from yesterday is still valid. Gold price remains in a bullish short-term trend. The supply trendline has been broken and price remains above 1.3220. The last couple of sessions price mainly moves sideways between 1.3157 and 1.3260. This consolidation might be followed by a new bullish momentum towards 1.3377. There is also a confirmed inverted head and shoulders pattern, which is another sign of the potential strength. As long as the support at the price of 1.3155 we remain bullish.
Trading recommendation: We are long GBP from 1.3225 and with target at 1.3377. Protective stop is placed at 1.3140.
The material has been provided by InstaForex Company - www.instaforex.com