GBP/USD: A move towards the 1.314 is expected

AAATrade Team AAATrade

GBP/USD

Looking at GBPUSD Chart, we can see it’s been trading in a channel from the 9th of April up until yesterday’s session, bouncing between support of 1.298 and overhead resistance of 1.305. Early on yesterday’s session, we saw it rally from the 1.3 range to the high of 1.314 but unable to consolidate at that level it experienced a retraction, falling back to the 1.305 level where it was last found trading.

Today we can expect a move towards the 1.314 closest overhead resistance due to the spike in positive momentum.

If, however, it doesn’t manage to hold on to the current level, then we could expect a move close to the 1.296 support level.

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AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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