GBPUSD Attempts To Break The Trend Line

Wednesday, 02/12/2020 | 12:55 GMT-0

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The British pound sterling is posting strong gains on the back of a weaker dollar. After price action consolidated above the 1.3300 level, the cable is attempting to push higher.

For the moment, prices are stuck near the trend line. As long as the trend line holds as resistance, we could see the sideways consolidation to continue.

However, in the event of a breakout off the trend line, then the GBPUSD will be aiming for the 1.3500 level next.

For the moment, with the support level firmly established at 1.3300, the GBPUSD will be looking to make further gains to the upside.

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Source: https://www.orbex.com/blog/en/2020/12/gbpusd-attempts-to-break-the-trend-line

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