GBP/USD breaks 3-year old bear trend line
The GBP/USD has broken above its bearish trend line established since June 2021, indicating the potential for a significant upward move, possibly reaching the psychological level of 1.3000. But it could rise far beyond that level should this week's US CPI data disappoint expectations. If so, last July’s high of 1.3142, or even higher levels, should come into focus.
Meanwhile, short-term support is seen around 1.2815/20, corresponding to last week’s high when a large thrust candle was formed. Key support is now at the 1.2700 level, marking the breakout point.
The crucial level in this bullish technical GBP/USD forecast is last week’s low at 1.2615; a drop below this would likely invalidate the bullish breakout.
By Fawad Razaqzada, market analyst at FOREX.com
Meanwhile, short-term support is seen around 1.2815/20, corresponding to last week’s high when a large thrust candle was formed. Key support is now at the 1.2700 level, marking the breakout point.
The crucial level in this bullish technical GBP/USD forecast is last week’s low at 1.2615; a drop below this would likely invalidate the bullish breakout.
By Fawad Razaqzada, market analyst at FOREX.com
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