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.

 

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