Back to Blog

GBP/USD: key level for the bulls to watch sits at 1.53

GBP/USD had a volatile session on Thursday with the pair initially reaching 1.515, only to bounce back and form a hammer on the daily chart. This morning we see a similar pattern already. At 1.5237 at the time of writing, the market looks set to continue its grind higher.

With a rising trendline supporting the market for the whole week, we expect the bulls to push the market all the way up to the 1.53 level. A break above that level would open the door for the 1.5335 level and ultimately the 1.55 area. In the alternative scenario, we will have to see a consistent break below the bottom of Thursday’s hammer in order to change our outlook.

Click to expand image

Dafni Serdari
Market Analyst

Published: 19 July 2013

You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

Share this post

Back to Blog