GBPUSD bulls also took out descending channel resistance on the 25th of last month. I pointed out this new support area last Sunday.
The support zone turned out to be a bit lower at 1.3050 rather than 1.3100. But regardless, the bullish outlook is still intact.
Since January 28th, GBPUSD has been consolidating. That isn’t surprising given the 800 pip run-up over the last four weeks.
From here, I’ll be watching for bullish price action above 1.3050.
If we get a bullish pin bar or engulfing pattern, there’s a good chance we’ll see GBPUSD continue higher toward the 1.3260 resistance area.
A daily close above 1.3260 would open the door to the next resistance at 1.3450.
