22 Jan

GBPUSD On Track To Settle Above 1.3700

January 22, 2021

By Orbex

gbpusd

The British pound sterling continues to keep a bullish hold. After failing to break out above 1.3700 level, prices managed to do so on Thursday.

With intraday gains pushing the GBPUSD somewhat higher, we expect the 1.3700 level to hold for the moment.

This will potentially open the way for the currency pair to post further gains. The next key target will of course be the 1.3950 level which was briefly tested as support back in April 2018.

However, the gains will continue only on a strong continuation to the upside.

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At the current levels near 1.3700, price action is testing the support from 2018 March. Therefore, with this level now likely to act as resistance, we could see a decline.

By Orbex


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