On Thursday GBP/USD is rising, as Chief Analyst Valeria Bednarik observes, approaching past week high of 1.6845 and breaking above the daily descendant trend line coming from this year high of 1.6996.

Key quotes

“The 4 hours chart shows a strong bullish momentum coming from technical readings, with price advancing above moving averages, 20 SMA and 200 EMA, both flat around 1.6770.”

“Price however is pulling back some towards the broken trend line, currently at 1.6810 and immediate support: below it, price may extend its slide towards mentioned 1.6770 level, while if this last gives up, 1.6735 is next support to consider.”

“To the upside, an acceleration above mentioned 1.6845 high should open doors for continued gains, looking then for a quick test of 1.6890 price zone, and higher towards 1.6920 critical resistance level.”

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