GBPUSD jumps and tests 1.3800 resistance area

5:30 PM 2 July 2021

GBPUSD rebounded from its daily lows and moved significantly higher towards interesting levels. The currency pair is currently testing the price zone near 1.3800. As one can notice on the chart below, the area is marked with local lows from June 18-21. Also, the pair is testing the upper limit of the downward channel. The ongoing setup looks interesting and one cannot rule out any bigger upward impulse if GBPUSD bulls manage to smash through the area near 1.3800. On the other hand, some sellers might feel encouraged to defend the zone so that GBPUSD remains in the downward channel.

GBPUSD, H1 interval. Source: xStation5

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