GBP/USD Technical Analysis- 1.40 is the Level to Watch!
May 10, 2021|The Forex Secret –GBP/USD moved higher as soon as the Non-Farm Payroll released with a weaker than expected result. Can it sustain above the 1.40 resistance level? Let’s have a look in detail from The Forex Secret Technical analysis on GBP/USD.
GBP/USD is one of the prominent currency pairs that is famous for its volatility. Moreover, it often shows aggressive movement with fundamental support. Based on the recent report, the BoE is optimistic about the UK economy while the Fed is quite dovish and focusing on devaluing the US Dollar.
GBP/USD Technical Analysis- 1.42 Eyed!
GBP/USD moved higher above the 1.40 key resistance level after the NFP release that came way below the expectation. After the opening of new weeks, the price starts to rise again with an impulsive pressure. However, investors should wait for a certain correction to ensure the sustainability of the bullish trend.
As per the current price action, the next target level would be a 1.42 resistance level from where any bearish correction may happen. However, to increase the bullish possibility, traders should wait for a daily close above 1.40 before entering the trade.
GBPUSD Outlook: Bullish
Possible Target level: 1.4200
Invalidation Level: 1.3980