Ransquawk

GBPUSD, continuing the upward trend, rose today to levels seen recently in 2016, when the price was falling after the Brexit referendum.

Yesterday, however, resistance at 1,4244 was broken, where the March high was located. On Friday, this resistance was tested, and as a result, a bearish pin bar formation was created, which was already negated, which indicates a significant strength of the demand side, which currently dominates on this market.

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Considering the current upward trend and strong momentum, you can look for opportunities to buy after a withdrawal. The closest support for such a scenario is around 1.4244. Another is the trend line from the vicinity of the low from November 2017.

If, on the other hand, we talk about a potential goal for a long position, then it is worth retaining flexibility and not setting yourself on specific levels. There are no significant resistances that can prevent bulls from buying.

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