GBPUSD – despite the holiday season, quite a lot has happened on the popular cable, among others due to the turmoil associated with the resignation of several important politicians from the posts in the Therese May government . The movements were dynamic, and the last session of the week ended with a bullish pin bar with a range of 135 pips. The pair has been moving in bearish channel since mid-June and after an unsuccessful attempt to overcome the resistance of this channel on Tuesday the Friday’s pin bar may point to another close attempt to overcome this resistance.
On the hourly chart, we can mark a zone that last week served as support, then resistance and in case of correction of Friday’s increases may be a good place to buy. Overcoming this zone, however, would indicate further declines, but they seem less likely than increases directed to the channel resistance (blue line).