GBP/USD breaks bearish channel – where next?
Shrugging off ongoing political uncertainty around Boris Johnson’s future as UK Prime Minister, the British pound was one of the strongest major currency pairs this week.
GBP/USD has surged nearly 600 pips off its Christmas week lows to reach the mid-1.3700s, breaking out of a 9-month bearish channel in the process. While rates did pull back slightly on Friday, the near-term technical outlook for the pair remains constructive as long as it remains above the bearish channel and 200-day EMA near 1.3600.
To the topside, the next levels to watch include the previous resistance levels at 1.3835, 1.3890, and 1.3960.
GBP/USD has surged nearly 600 pips off its Christmas week lows to reach the mid-1.3700s, breaking out of a 9-month bearish channel in the process. While rates did pull back slightly on Friday, the near-term technical outlook for the pair remains constructive as long as it remains above the bearish channel and 200-day EMA near 1.3600.
To the topside, the next levels to watch include the previous resistance levels at 1.3835, 1.3890, and 1.3960.