GPBUSD MOVES HIGHER FOR ANOTHER ATTEMPT TRENDLINE RESISTANCE

The GBPUSD has followed the EURUSD pair higher in the European session, testing strong trendline resistance at 1.2855 and setting a new weekly high at 1.2870.

Buying interest for the pound came in at 1.2810 in the European session, with the pair now looking towards 1.2890 and 1.2925 upside targets whilst trading above the 1.2855 level, which is former resistance now turned support.

Short term indicators are turning increasingly bullish for the GBPUSD pair whilst trading above 1.2858, with near term support at 1.2848. A loss of the 1.2848 level should encourage further selling towards 1.2830 and 1.2810.

The H1 chart show the current battle the GBPUSD pair is having with upside trendline resistance, a multi-time frame close above this zone should provoke further buying interest towards the H1 100 period moving average located at 1.2886.

Whilst a further rejection on the trendline should encourage selling towards the current European session price low.