Will Pound Sterling Rally Today? We Present Two Scenarios

The current GBPUSD structure suggests that the market is moving inside the bullish yellow and green channels. Not so long ago, the price pushed off from the lower bound of the yellow channel, after which we saw a smooth growth of the market.

It is likely that the price rise will continue in the near future. The market may gradually approach the resistance level of 1.340, which is on the upper bound of the green channel. If this level breaks, the bullish trend will continue even further to the next resistance level of 1.379, which is on the upper bound of the yellow channel.

An alternative scenario is possible in the case of a downward movement and a decline to the lower bound of the yellow channel, where the support level of 1.303 should stop the downfall.