GBP/USD having logical retreat

GBP/USD More Gains In View!

The GBP/USD pair increased as much as 1.3358 level today where it has found strong supply and strong resistance. Now, it has decreased a little and it's trading at the 1.3306 level. As you already know from my previous analysis, GBP/USD was expected to climb towards new highs if it jumps above 1.3270.

After today's growth, a temporary decline was somehow expected. Still, the retreat could be only a temporary one. It could come back down to test and retest the 1.3270 former upside obstacle which has turned into a downside obstacle before resuming its upwards movement.

GBP/USD Trading Conclusion!

GBP/USD maintains an upside bias in the short term despite the current decline. After escaping from the down channel and after jumping above 1.3270, the pair was expected to develop an upside movement. The temporary decline could bring new buying opportunities. It could resume its upwards movement as long as it stays above 1.3270. The 1.3400 psychological level is seen as a potential upside target.

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX