GBP/USD Imminent Upside Breakout!

GBP/USD Imminent Upside Breakout!

GBP/USD rallied and now it stands at 1.3870 level higher versus 1.3813 today’s low. It has increased as much as the 1.3898 level but it has slipped lower as the US Dollar Index has rebounded.

The Pound has jumped higher even if the Unemployment Rate increased to 4.8% from 4.7%. The UK Claimant Count Change and the Average Earnings Index have reported better than expected data.

The US is to release the Unemployment Claims which is expected to drop from 373K to 350K, while Industrial Production could register a 0.6% growth.

GBP/USD H4 Technical Analysis!

GBP/USD has found support on the Falling Wedge’s resistance again and now it tries to jump higher. The bias is bullish as long it stays above the outside sliding line (SL).

 

Staying within the ascending pitchfork’s body and closing above the 61.8% retracement level could really indicate further growth. Escaping from the chart pattern signals that we may have an upwards movement.

Conclusion!

GBP/USD could develop an important growth if it jumps and stabilizes above the 61.8% retracement level, above 1.3898 today’s high.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.