GBP/USD Up Channel!
The GBP/USD pair is trading at the 1.3757 level right above the uptrend line. You can see that the pair increased within an up-channel pattern. As long as it stays within this formation, the price could resume its upwards movement towards fresh new highs.
In the short term, GBP/USD has slipped lower after reaching the upside line of the ascending channel, which stands as dynamic resistance, an upside obstacle. Now is located below a minor downtrend line which represented an immediate upside obstacle.
GBP/USD Trading Conclusion!
Staying above the uptrend line, within the ascending channel's body, and jumping above the minor downtrend line is seen as a buying opportunity. An upside continuation could be invalidated only if the rate drops and stabilizes below the uptrend line.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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