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06.10.202011:59 Forex Analysis & Reviews: GBP/USD Near Resistance Area! What Now?

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GBP/USD is almost to reach the uptrend line and the 1.3027 static resistance, upside obstacle. I've told you in a previous analysis that the pair could come back to reach and retest the near-term resistance levels before dropping deeper.

It remains to see how the rate will react in the short term. A further growth followed by a breakout of 1.3143 signals a larger upside movement in the upcoming period, while a rejection, drop, from 1.3027 - 1.3143 area could signal that GBP/USD will resume its corrective phase.

GBP/USD Trading Tips & Conclusion

If you want to sell it, you should wait for a new lower low drop below 1.2677 level. This scenario will signal a potential drop towards 1.23 - 1.22 area.

As an alternative scenario, we'll have a buying opportunity if the price jumps above the 1.3143 level. The next upside target is seen at 1.3468 former high.

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