GBP/USD is currently trading with a bullish bias. During the previous trading day, pound traded short and closed below the supportive green trend line but ended up finding a support at 1.4565. We expect the current upward movement to continue long with targets at 1.4695 or even higher to the red resistive trend line. Traders trading this pair should observe closely other pairs such as GBP/JPY, EUR/JPY, and EUR/USD. These pairs have a strong positive correlation of up t +0.96 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pair are giving the same signal.
Remain long with targets at 1.4695 or even higher to the red resistive trendline.
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.