FXEM - EMPIRE MARKETS - Company New Article

The GBP/USD price made noticeable positive trades yesterday to move away from the 1.2415 level, reinforcing expectations of the continuation of the bullish corrective trend, whose next target is at 1.2605.

Noting that breaking 1.2415 will stop the positive scenario and pressure the price to try to return to the main bearish path again.

The EUR/USD price continues to rise to collide with the broken neckline of the head and shoulders pattern whose features appear on the chart, which turns into an important resistance at 1.0385, as the price needs to break this level to confirm the continuation of the upward wave targeting the test of the 1.0455 level as the next main station.

So far, the upward trend is still likely for the coming period provided that it remains above 1.0325, as breaking it represents the key to turning to the decline and heading to test the previously recorded bottom at 1.0220.