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

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

Paul Robinson, Strategist

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

GBP/USD Chart

GBP/USD Chart by TradingView

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---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.

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