GBP/USD ForexSignal: Consolidation Above $1.3376
I wrote last Thursday that the technical picture had become considerably more bullish despite the still-valid long-term bearish. I thought that if the price continued to hold up above $1.3340, it would be likely to make a further advance over the day. This was a good call as the price rose firmly during Thursday’s London session without dipping below $1.3340.
If the price breaks below $1.3376 that will suggest a decline is likely but trading short on a breakdown seems risky as there is a cluster of support levels below that which would probably make any decline choppy and risky to trade. The UK is seeing record highs in new coronavirus infections, but hospitalisations remain relatively low, so this seems unlikely to weigh on the pound. The USA is also seeing a record high in new cases anyway.Top Forex Brokers
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