GBP/USD Testing 1.31700 Resistance: Rise or Pullback?
The chart shows GBP/USD was in a downtrend within a price channel but has now recovered and broken out of it.
Key support lies around 1.30800, which the price might revisit if it fails to break the current resistance.
Key resistance is at 1.31700. If this level is broken, GBP/USD could continue its upward trend.
If the price breaks the 1.31700 resistance, investors may consider buying, with a near-term target of 1.31464 or higher.
Regarding news: Economic data from the UK and US will have a significant impact on this pair. Interest rate decisions and employment reports from both countries will be key short-term drivers.
Key support lies around 1.30800, which the price might revisit if it fails to break the current resistance.
Key resistance is at 1.31700. If this level is broken, GBP/USD could continue its upward trend.
If the price breaks the 1.31700 resistance, investors may consider buying, with a near-term target of 1.31464 or higher.
Regarding news: Economic data from the UK and US will have a significant impact on this pair. Interest rate decisions and employment reports from both countries will be key short-term drivers.
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