Current price: 1.3440
Key point: 1.3400
Our preferred strategy: Buy positions above 1.3400 with a first target of 1.3475 and then a second target of 1.3550.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.3390 level, targeting the 1.3330 level.
Technical commentary
The GBP/USD pair is holding above the 200-period moving average on the four-hour timeframe and above the key support levels of 1.3390-1.3400. The price is expected to continue its upward movement towards 1.3475, and if this level is broken, it could reach 1.3550.
