GBP/USD: Short term uptrend on the horizon

 

The British Pound regained some momentum to the upside in last week trading session and recovered some of its loses after falling out of the short term price channel as indicated on the price chart above.

The pair managed to pierce through and ended last week session in the same price channel created in the previous week which is a good indication of some buyers coming into the market and pushing prices to the upside.

The British pound currently trades at 1.21568 and has the potential to reach 1.22235 if it holds within the upper price channel and 1.214455 support as highlighted on the price chart above.

 

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