Back to Blog

GBP/USD: Pullbacks above 1.55 reinforce bullish bias

The GBP/USD rallied on Tuesday, reaching as high as 1.56, before tracing back to close at 1.556, forming a small green candle on the daily chart. The bulls continue to have the upper hand this morning, suggesting that short-term traders could continue to buy the market on short-term dips. We expect this market to ultimately test July’s highs at 1.575. In the meantime there are choppy waters ahead. Look out for pullbacks all the way down to 1.55. As long as we remain above that area, any pullback can be seen as a good buying opportunity. In the alternative scenario, a consistent break below 1.55 would open the door for 1.546 and 1.538.

Dafni Serdari
Market Analyst, Spread betting & CFDs
The comment in this blog is the personal opinion of the contributors and not The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.