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GBP/USD: Can British Pound Break 1.3600 Vs. USD?

GBP/USD: Can British Pound Break 1.3600 Vs. USD?

Key Highlights · The British Pound is moving higher and is currently trading above the 1.3420 support against the US Dollar. · There is a crucial bullish trend line forming with support at 1.3430 on the 4-hours chart of GBP/USD. · GBPUSD Technical Analysis The British Pound is gaining bullish momentum above 1.3450 against the US Dollar. The GBP/USD pair might soon break 1.3550 for a move towards 1.3600 in the near term.

After a downside spike, the pair found support at 1.3220 and started an upside move. It traded higher and broke the 1.3400 and 1.3500 resistance levels. A high was formed at 1.3549 from where the pair corrected lower. It tested the 38.2% Fib retracement level of the last wave from the 1.3220 low to 1.3549 high. On the downside, there is a crucial bullish trend line forming with support at 1.3430 on the 4-hours chart.

The trend line and support area near 1.3420 are important. As long as the pair stays above 1.3420, it could continue higher towards 1.3600 and it might even break it for further gains.

GBP/USD Chart

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