Looking at the GBPUSD Weekly chart, we can see its steady climb from the 1.3525 support level on the 11th of January, breaking out from the resistance level found at the 1.364 price range early on the 13th of January, rallying well into the 1.372 range and reaching as high as 1.375. However, after being unable to hold on to the 1.3725 range and consolidate, it retracted and moved close to its support level of 1.365. It was last found trading at 1.368.
Today, we could expect a continuation of the pattern and another slow climb towards the 1.3725 as it managed to temporarily hover above the 1.365 support level.
If however, it doesn’t manage to hold on to the current level and consolidate, then we could expect a move towards the 1.363, below the support.
(Click on image to enlarge)
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