16.12.202010:48 Forex Analysis & Reviews: GBP/USD Extend Its Growth!

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Why GBP/USD is expected to increase?

GBP/USD edges higher after taking out strong resistance levels. The outlook is bullish, so the pair is expected to climb higher in the upcoming period. The Pound continues to appreciate even if the UK's CPI and Core CPI have come in worse than expected earlier.

Today's main even is represented by the FOMC, GBP/USD could register sharp movements around this high impact event. Also, the US and UK's manufacturing and services data could bring more volatility.

GBP/USD Upside Reactivated!

Technically, GBP/USD is expected to advance higher after closing above the up channel's upside line and beyond the 1.3445 former high. The rate has finally managed to make a valid breakout above the warning line (wl3) and through the R1 (1.3419) confirming further growth.

It remains to see what will really happen after the FOMC Press Conference and FOMC Statement. Is hard to believe that the sentiment could change drastically. Stabilizing somewhere above 1.3480 and above the channel's upside line suggests buying.

GBP/USD Forecast & Tips

GBP/USD is strongly bullish, so we have a good long opportunity if the rate closes its H4 candle above the 1.3480 level. The R2 (1.3621) and the R3 (1.3762) could be used as upside targets.

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