Looking at the GBP/USD Weekly chart, we can see it trading in the 1.353 regions earlier this week, forming support at 1.35 and struggling to break the 1.358 after the attempt on Feb. 10.
It retracted back to the 1.354 briefly before it took off, reaching as high as 1.364 with a 0.7% spike during yesterday’s session, fading instantly however and falling to the 1.353 range where it was last found trading.
The closest overhead resistance is the 1.358 range and the closest support at the 1.35 level. Today, we could expect a move towards the 1.35 resistance level or consolidation at the current level.
However, if it doesn’t manage to hold on to the current level and consolidate, we could expect a move towards the 1.3 support level.
GBP/USD weekly chart.
