According to the currency strategists at United Overseas Bank, the British Pound will keeps strengthening . GBPUSD is aimed at reaching June’s high at 1. 5778. They say if the test is successful, the price will get an opportunity to reach the top of the sloping channel.
Therefore, the experts recommend buyers to place stops below 1.5600 and to reduce exposure at 1. 5775/80. There is no need to close the long trades completely as minor corrections may increase the potential of the future rally.
According to , the British Pound is depreciating against the US Dollar. GBPUSD is forming a major downswing, represented by wave А/В of level Daily.
The closest major level of support is located at 1.5392. A break below it will continue the downtrend. Alternatively, a break above 1.5736 will resume the forming of wave А/В of level Daily2. If this is the case, the closest level of resistance will be found at 1.5776.
