Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
GBP Technical Forecast: GBP/USD Bullish Above Longer-term Support

GBP Technical Forecast: GBP/USD Bullish Above Longer-term Support

What's on this page

GBP Technical Outlook

  • GBP/USD broke out of bull-flag last week
  • Retracement not unexpected, within scope
  • Outlook is neutral to bullish above major trend-line

GBP Technical Forecast: GBP/USD Bullish Above Longer-term Support

Last week, Cable broke out of a full-flag pattern that had been developing since the February high. Following this breakout we saw a sizable retracement develop, but not an unexpected occurrence given the nature of how GBP/USD often trades.

As long as the trend-line from May isn’t broken, the near to intermediate-term outlook is neutral at worst, but generally bullish. We may see another test of the nearly one-year-long trend-line, but a test would be viewed as a potentially good risk/reward opportunity to join the trend higher.

A break of the trend-line would warrant abandoning a bullish bias at the least and perhaps even turning outright bearish. We will worry about that should it happen.

For now, focus is still on the top-side. The first big level to overcome resides around the 14000 threshold. In March it proved a difficult spot for Cable to overcome once it had fallen back below it, failing to reclaim it on several occasions.

Last week the level put in yet another ceiling. A daily close above 14017 should do the trick in getting the ball rolling towards a test of the February high at 14241.

GBP Forecast
GBP Forecast
Recommended by Paul Robinson
Check out the Q2 GBP Forecast
Get My Guide

GBP/USD Daily Chart (neutral to bullish above trend-line following bull-flag breakout)


GBP/USD Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.