Current price: 1.3510
Key point: 1.3480
Our preferred strategy: Buy positions above 1.3480 with a first target of 1.3565 and then a second target of 1.3600.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.3470 level, targeting levels of 1.3435.
Technical commentary
The GBP/USD pair approached the support level of 1.3480 and reached the 200-period moving average on the four-hour timeframe and the upward trend line from the low of last July. It is expected that if it breaks through the resistance level of 1.3520, it will then head towards the levels of 1.3565, and then if it breaks through that, it will head towards the levels of 1.3600.
