Photo by Steve Smith on Unsplash

Looking at GBPUSD Chart, we can see the reversal of the month-long downtrend taking place on the 17th of May where it rebounded from its 1.22 support level and rallied well into the 1.245 regions, where it encountered some resistance, causing a retraction to the 1.235 on the 19th of May. From there it managed to climb further, attempting to break out from the 1.25 resistance and successfully making it through early in today’s session. It was last found trading at the 1.257 range.

Today we can expect an extension of the short-term trend and move close to the 1.261 overhead resistance level.

If however, it doesn’t manage to hold on to the current level, then we could expect a move close to the 1.235 closest support level.

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