GBPUSD has broken above the resistance at 1.3650 and is now trading at 1.3696. Short-term trend is bullish and yesterday's break out of the trading range has provided us with a new bullish signal. Our target is at 1.3770-1.3790.
Red lines - trading range
Blue lines -equal size expected reaction to the upside
GBPUSD is expected to move to the upside at least in an equal size movement similar to the one we saw at the end of September. Price has broken out of the trading range and as long as price is above 1.3585, we remain optimistic that price will eventually reach 1.3770 if not higher.
