GBP/USD pushed to a new cycle high yesterday, bringing into play the upper parallel (~13900) of the channel it has been carving out since October. Resistance is in the direction of the trend, so it isn’t viewed as major but enough to induce a pullback. Given the way Cable has been trading, the best move may be for would-be longs to wait until a pullback develops; 13750-ish, around the Jan high may see buyers step back in. Generally speaking, staying bullish but the see-saw nature of the rally suggests buying dips over chasing momentum.
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Check out the Q1 GBP Forecast
GBP/USD Daily Chart (top of channel coming into play)
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Originally Posted on: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2021/02/10/GBPUSD-Top-of-Channel-in-Play-BTD-Approach-Still-Favored-PRtech.html
By: Paul Robinson