HomeContributorsTechnical AnalysisGBPUSD Strongly Bullish Above 1.3920 Level

GBPUSD Strongly Bullish Above 1.3920 Level

The British pound has continued to push higher against the U.S dollar, although price-action has so far struggled to make gains above the 1.3900 resistance area. The GBPUSD pair is currently trading around the 1.3890 support level, with buyers now looking for a major technical breakout above the 1.3920 level. Traders look to the release of the UK Budget, where the UK Treasury Chancellor presents the economic forecast for next year, containing details about GDP growth estimates, spending and borrowing forecasts as well as fiscal stimulus.

The GBPUSD pair remains intraday bullish above 1.3890 level, further upside towards 1.3920 and 1.3974 seems possible.

A sustained move below the 1.3890 level may lead to a GBPUSD price-correction back towards the 1.3833 support level.

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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