FX.co ★ GBP/USD: 1.2500 psychological level as obstacle

GBP/USD Strong Growth!

The currency pair registered a strong growth in the short term and now is trading at 1.2474. As you can see on the H1 chart, the price tested and retested the uptrend line which represents a downside obstacle. Failing to stay below the uptrend line in the last attempts announced an upwards movement.

Technically, the former high of 1.2500 (psychological level) represents an upside obstacle. Staying below it may announce a new drop.

GBP/USD Trading Conclusion!

Jumping and stabilizing above the 1.2500 psychological level activates further growth. This is seen as a new buying opportunity.