British Pound Surges Past Critical Resistance, Signaling Long-Term Upside
16 August 2024
The British Pound has emerged as one of the strongest currencies this week, possibly even the strongest, as it continues its impressive upswing. This momentum is shaping up to be a strong long-term buy signal. Looking at the chart, we can see that GBP/USD (Cable) first managed to break out of a descending channel formation, marked by blue lines. Following this breakout, the pair has been pushing against a critical horizontal resistance level, marked in orange.
Today, after three days of testing this resistance, the price has finally broken through, confirming the bullish sentiment. This breakout is a clear buy signal, suggesting that the British Pound could continue its upward trajectory in the days and weeks to come.