FX.co ★ GBP/USD

The movement on GBPUSD is currently in a corrective decline, while the main trend in the market is in an upward rally. I believe that for the bullish rally to continue, buyers must break through the resistance zone at 1.355. From there, we can expect a continuation of the bullish move, with the target being a test of the next high at 1.365. In this case, the critical level will be the last impulsive low at 1.315. If sellers manage to push the price back below this range, that will indicate weakening bulls. In that case, the probability that bears will drive the price down to the lower boundaries at 1.325, and possibly to the important buyers’ zone at 1.324, will increase significantly.