GBPUSD is breaking out from its 2021 trend line this week, but can bulls handle the pattern that’s developed since April?
Watch today’s video for the details, including the latest on the US Dollar Index (DXY).
GBPUSD broke out on Monday, just barely clearing its 2021 trend line at 1.2785.
However, bulls still have to work through the 1.2800 resistance area, which has been a factor since last December.
The DXY is also catching a slight bid today from the 104.08 level mentioned in Monday’s EURUSD video, hence today’s GBPUSD pullback.
But the DXY is holding below the key 104.50 area, so the dollar’s breakdown as discussed on Monday is alive and well.
If GBPUSD can get through the 1.2800 resistance level, the next stop would be the March high near 1.2900.
I’m on the fence in terms of where GBPUSD and EURUSD go from here, especially with Thursday’s ECB decision coming up.
For that reason, I’m on the sideline waiting to see if something favorable sets up from GBPUSD in the coming days.
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