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GBPUSD Attempts To Break The Trend Line

Posted On 02 Dec 2020
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gbpusd

The British pound sterling is posting strong gains on the back of a weaker dollar. After price action consolidated above the 1.3300 level, the cable is attempting to push higher.

For the moment, prices are stuck near the trend line. As long as the trend line holds as resistance, we could see the sideways consolidation to continue.

However, in the event of a breakout off the trend line, then the GBPUSD will be aiming for the 1.3500 level next.

For the moment, with the support level firmly established at 1.3300, the GBPUSD will be looking to make further gains to the upside.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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