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Expert In



GBP/USD downside seems over


GBP/USD downtrend line breakout

The GBP/USD pair turned to the upside after finding strong demand at 1.3355. Now it has jumped above the downtrend line which represented a dynamic resistance, an upside obstacle. After the current strong growth, we cannot exclude a temporary decline. GBP/USD could come back trying to test and retest yesterday's high of 1.3466.

As long as it stays above this level, GBP/USD could extend its upside movement. Also, jumping above 1.3492 today's high and above 1.3500 psychological level may activate an upside continuation.

GBP/USD trading conclusion

A minor decline its natural after its current sharp growth. Staying above 1.3466, above the uptrend line, and jumping above 1.3492 could signal further growth and could bring new buying opportunities.

The material has been provided by InstaForex Company -