The British pound has staged a major technical breakout against the US dollar after breaking above the 1.3720 resistance level. Higher time frame analysis shows that the GBPUSD pair is now free to advance towards the 1.4000 level, following Tuesday’s breakout. Traders that are waiting for a pullback may get a chance to enter the prevailing bullish trend around the 1.3690 level.
The GBPUSD pair is only bullish while trading above the 1.3690 level, key resistance is found at the 1.3770 and the 1.3850 levels.
If the GBPUSD pair trades below the 1.3690, sellers may test the 1.3660 and 1.3610 support levels.
