- GBP / USD reaches the highest level in more than 2 and a half years.
- The weekly chart shows that the bulls are in control.
GBP / USD rises above the 1.3700 level and reaches the highest level since April 2018. Last week it reached the previous 31-month high of 1.3686.
The breakout of the inverted shoulder-head-shoulder pattern on the weekly chart indicates that the path of least resistance is to the upside, and significant resistance is currently at 1.4056. At that level is currently the trend line that falls from the highs of 2007.
The broader bias would remain bullish as long as the pair remains above the prior week’s low of 1.3429.
In the short term, the former resistance on the daily chart converted to support at 1.3625 is the level to beat for sellers.
GBP / USD weekly chart
GBP / USD technical levels
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