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GBPUSD price inside bullish channel

GBPUSD is now trading at 1.3638 and has broken above the key Fibonacci resistance at 1.3620. Staying above the 61.8% Fibonacci retracement will be crucial for the continuation of the current upward move.

analytics615c76c80d28a.jpg

Green rectangle- horizontal resistance

Black upward sloping lines - bullish channel

Black horizontal lines - Fibonacci retracements

GBPUSD is inside a bullish channel. Price so far respects the boundaries of the channel and is making higher highs and higher lows. Next resistance is at the 78.6% retracement at 1.3675. Support is at today's lows at 1.3580 and as long as price is above this level, short-term trend will be controlled by bulls. Breaking below 1.3580 will be a sign of weakness and possibly of a reversal.

The material has been provided by InstaForex Company - www.instaforex.com