How Much Further Can GBP/USD’s Rally Stretch?
GBP/USD has been on an absolute bullish tear over the last 3 weeks. The pair has rallied from below 1.27 earlier this month to trade above 1.32 as of writing, a 500+ pip rally with rates rising in 13 of the last 15 trading days.
Not surprisingly, the pair is clearly overbought after such a strong move, but that’s no guarantee that it will necessarily pull back yet. In fact, looking at the nearby technical levels of note, there’s a case that GBP/USD could extend its rally a bit further toward the confluence of Fibonacci extensions in the 1.3270-80 zone before taking a breather.
From a bigger picture perspective however, any near-term dips toward previous-resistance-turned-support at 1.3140 may be seen as buying opportunities for traders who missed the initial breakout. Only a move back below that level would call the long-term breakout into question.
-MW
Not surprisingly, the pair is clearly overbought after such a strong move, but that’s no guarantee that it will necessarily pull back yet. In fact, looking at the nearby technical levels of note, there’s a case that GBP/USD could extend its rally a bit further toward the confluence of Fibonacci extensions in the 1.3270-80 zone before taking a breather.
From a bigger picture perspective however, any near-term dips toward previous-resistance-turned-support at 1.3140 may be seen as buying opportunities for traders who missed the initial breakout. Only a move back below that level would call the long-term breakout into question.
-MW
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.