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04.09.2020 12:50 PM
GBP/USD decreased a little in the short term as USDX (the US Dollar Index) managed to rebound. Still, the latest drop could be only a temporary one, especially after the recent upside momentum.
The price jumped far above the 1.3259 former high climbing as much as 1.3482 level. Now, it has come back down to retest the broken resistance, former high at 1.3259. Technically, GBP/USD is likely to develop a rally if it reaches 1.3330 level again.
The pair is trading way above the major uptrend line and above the minor uptrend line (dotted line), so it is expected to continue its upside movement.
If it breaks above 1.3330, it is recommended to open long deals with a potential target at 1.3482 level. A further upside movement could be invalidated by a drop below the ascending dotted line and below 1.3143 level.
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