GBPUSD → What kind of reaction could there be to resistance?

10 de jul. de 2023

GBPUSD continues to form an uptrend, but at the same time the price is hitting a strong resistance area. We are waiting for the price to react to the area, which will determine the further direction.



A retest of the level 1.28484 will tell us that the market will prepare to strengthen after breaking through resistance, but a consolation below the level will signal further decline to 1.26900.
In an uptrend, the price could test the resistance again in the near future. The dollar is in a range and a decline towards support will give the currency pair a jump to break through resistance.
The pound might continue to strengthen in the mid-term based on a more positive fundamental background than the dollar.

Support levels: 1.27267, 1.26800
Resistance levels: 1.28484
I expect an attempted retest to the resistance, which may give a further signal. It is necessary to monitor the price reaction to the upper limit of the range. It may be followed by a pullback before further growth.

Regards R.Linda!