GBP/USD to enjoy considerable gains on a break above key 1.3640 resistance
GBP/USD has managed to edge higher early Friday after having closed the previous three days in the positive territory. As FXStreet’s Eren Sengezer notes, cable approaches resistance that holds the key for further gains.
Investors might want to book their profits ahead of the weekend
“Profit-taking could limit GBP/USD's upside in the second half of the day but the pair's near-term outlook remains bullish barring a technical correction.”
“In case GBP/USD rises above 1.3640 and starts using it as support, 1.3660 (static level, January 20 high) aligns as the next hurdle ahead of 1.3700 (psychological level).”
“On the downside, 1.3600 (static level, psychological level) could be tested with a technical correction. If that support fails, additional losses toward 1.3560 (200-period SMA) and 1.3530 (100-period SMA) could be witnessed.”
See – GBP/USD: Break above 1.3700/15 to clear the path towards 1.42 – BofA
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FXStreet Insights Team
FXStreet
The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.
