Looking at GBPUSD’s 4-hour chart, we can see its upward trend since the start of the month where it managed to reverse the trend bouncing strongly from its 1.341 support, consolidated around the 1.36 price range for a week, then broke out from its then resistance of 1.365 and kept rising steadily up until yesterday, where it showed a temporary slow-down when it encountered the 1.383 long-term overhead resistance. It managed however to hold on its ground, by residing at the 1.377 price range where it was last found trading.
Photo by Colin Watts on Unsplash
Today, we could expect a pattern continuation and another attempt to rise towards and break out from its resistance level of 1.383.
If, however, it does not manage to hold its current level, then we could expect a move towards the nearest support base at 1.372.
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