Looking at the GBP/USD Weekly chart, we can see it trading in an uptrend for the past 7 days, climbing from the 1.336 price range, breaking through the 1.346 resistance range, and reaching as high as 1.358 during yesterday’s session. The closest support can be found at the 1.352 range and 1.358 high can be deemed as temporary overhead resistance. It was last found trading at 1.354.
Today, we could expect a consolidation at the current level and possibly a move near and above the 1.358 resistance.
If however, it doesn’t manage to hold on to the current level and consolidate, then we could expect a move towards and below the 1.352 support level.
(Click on image to enlarge)
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