How Much Further Can GBP/USD’s Rally Stretch?
GBP/USD has been on an absolute bullish tear over the last 3 weeks. The pair has rallied from below 1.27 earlier this month to trade above 1.32 as of writing, a 500+ pip rally with rates rising in 13 of the last 15 trading days.
Not surprisingly, the pair is clearly overbought after such a strong move, but that’s no guarantee that it will necessarily pull back yet. In fact, looking at the nearby technical levels of note, there’s a case that GBP/USD could extend its rally a bit further toward the confluence of Fibonacci extensions in the 1.3270-80 zone before taking a breather.
From a bigger picture perspective however, any near-term dips toward previous-resistance-turned-support at 1.3140 may be seen as buying opportunities for traders who missed the initial breakout. Only a move back below that level would call the long-term breakout into question.
-MW
Not surprisingly, the pair is clearly overbought after such a strong move, but that’s no guarantee that it will necessarily pull back yet. In fact, looking at the nearby technical levels of note, there’s a case that GBP/USD could extend its rally a bit further toward the confluence of Fibonacci extensions in the 1.3270-80 zone before taking a breather.
From a bigger picture perspective however, any near-term dips toward previous-resistance-turned-support at 1.3140 may be seen as buying opportunities for traders who missed the initial breakout. Only a move back below that level would call the long-term breakout into question.
-MW
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