GBP Technical Analysis – Daily Timeframe
The GBP/USD currency pair, in the daily timeframe, displays a distinct pattern of an upward trend within an ascending channel. The break of the midline of the channel and the continuation of the upward movement indicate the strong momentum of the current bullish trend.
If the 1.37 level is decisively broken with an increase in trading volume, it can be expected that the upward trend will continue with greater intensity. The next price targets may be determined based on Fibonacci levels or historical resistance levels. However, if selling pressure increases and the price falls below the midline of the channel, the likelihood of a trend reversal to bearish will rise. In this case, previous support levels will act as new resistances.