GBP/USD: change of trend

[joaquinmonfort]

The GBP/USD pair's trend has probably changed after last Thursday's strong up-day. This broke above a major down-sloping trend-line giving a strong bullish signal. It is now probable that the bearish breakout from the multi-month triangle has stalled and will reverse. The pair will probably continue higher – eventually even to the 1.6000 level of resistance. A break above 1.5750 would provide a strong technical signal of continuation higher. Although 1.6000 provides an eventual objective the R2 monthly pivot level at 1.5770 gives a nearer target.

 

Edited August 19, 2013 by joaquinmonfort

[Guest FloridaTrader]

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