FX.co ★ GBP/USD analysis for May, 31.05.2019

GBP/USD has been trading upwards as we expected. The price did break the supply trendline and downward channel, which is sign of the strength. Watch for bull flag to confirm further upside.

White lines – downward channel

White rectangle- key support

Red horizontal line – Important resistance

We found strong break of the downward channel in the background. This is strong confirmation of the future rally. Also, the double bottom is confirmed on the H1 time-frame, which is another sign of the strength. The important swing high is broken at 1.2625 and you should watch for buying opportuntiies. The upward references is set at 1.2700. Downward references are set at 1.2600 and 1.2557.