Long

GBPUSD Making a bullish break-out

The GBPUSD pair eventually rebounded and hit the Double Top Resistance, which was our Target as presented on our February 28 analysis:

GBPUSD Aiming at the Rectangle's top. Buy signal.

At the moment the price is above that level (1.2450) and as long as it closes above it, we will be targeting 1.2650 on the May 27 2022 High Resistance. A closing below 1.2450 could set this rise back to the 1D MA50 (blue trend-line) until the 1D RSI turns neutral around 50.00 again and attracts buyers.

Note that there is an important long-term Resistance Cluster ahead as besides the 1.2665 Resistance (May 27 High), we have the June 01 2021 Lower Highs trend-line. A break above the 1W MA200 (red trend-line) places GBPUSD back into long-term bullish territory on the 1W time-frame.

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