Technical analysis
The RSI is above 50, so the uptrend prevails. Although, the indicator is close to line 70, which may be a sign of a slight downward correction.
What the possible outcomes are
GBPUSD rose from 1.38196 after expectations that the British government will announce proceeding with plans to fully reopen the economy later this month despite a surge in COVID-19 cases. Although, its next direction will depend on the Fed minutes. However, the current technical indicator refers to a possible uptrend potential.
The price may rise towards 1.39296, with the next target at 1.39817.
Alternatively, if the price reverses, then it could reach the first support level of 1.38725. A pass below the first support level can move bears lower toward 1.37750.
Key levels
Support 1.38725 1.38196 1.37750
Resistance 1.39296 1.39817
