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One inverted bearish hammer bar on the W1 time frame hinted that at this stage GBP/USD is done depreciating and warned us to open long positions. The pair rose with over 60 pips and at the moment it has reached a resistance at 1.39, obviously making an attempt to break out above it.

I think that the pair will reach 1.3920 – 1.3925 but before a further move north there will most likely have to be a correction.

If the pair breaks out above 1.3925 the next levels it will aim for are 1.4000 and 1.4050.
To the downside are the support levels at 1.3850 and 1.3800 and the support line of the trend channel (in red).

Posted by Emma Radisson at 16:27