FX.co ★ GBPUSD makes new highs

In our last analysis on GBPUSD we noted that as long as price remained above 1.35 trend would remain bullish. Target remains at 1.40 and price is getting closer as price continues making higher highs and higher lows.

Red line - support (previous resistance)

Blue line- expected size of upward break out

GBPUSD continues to respect the green trend line support. Recent base at 1.3640 is short-term support and if broken we could see a test of the green support trend line. Breaking the green trend line support could lead to a deeper pull back towards the red horizontal support which was once resistance.