Trade of the Day: GBP/USD

GBP/USD continues to rise toward the 30-minute key resistance level 1.2810, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 5 bar level – which is the result of the 5 earlier reversals from this price level. GBP/USD is expected to rise further toward the key resistance level 1.2810.

As can be seen from the daily GBP/USD chart below – the pair earlier reversed up from the support area located between the key support level 1.2655 (former resistance from May), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from March. The proximity of this support area and the clear daily uptrend add to the probability GBP/USD will continue to rise toward the resistance level 1.281.