Current price: 1.3350
Key point: 1.3310
Our preferred strategy: Buy positions above 1.3310 with a first target of 1.3400 and then a second target of 1.3460.
Alternative scenario: Stop loss and trend reversal upon breaking the 1.3290 level, targeting the 1.3180 level.
Technical commentary
The GBP/USD pair is holding above the key support level of 1.3310 and the 200-period moving average on the four-hour chart. This suggests a potential for a sustained price action above these levels, with a higher high forming on the shorter timeframes. The price would then target 1.3400, and a break above this level would target 1.3460.
