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Early in the American session, the GBP/USD pair has been rising for the second day in a row above the uptrend channel that was formed since March 29.
It is currently trading above the 200 EMA and the 21 SMA on 1-hour charts. The 21 moving average is turning in a bullish direction which is a positive sign for the pound. In addition to this, the pair is being supported by the uptrend channel.
In case of GBP/USD breaks above monthly highs at 1.3146, an upside push will send the pair towards a high of 1.3183 (4/8 Murray). With a daily close above 1.3183, the price could rise to 5/ 8 Murray at 1.3305.
On the 1-hour chart, GBP/USD is moving in a symmetrical triangle pattern. The break of the pattern will trigger a strong move higher that could push the price to resistance at 1.3183 in the next few hours.
On the contrary, the break below the symmetrical triangle around 1.3100 will drag the pair towards the psychological level of 1.3000 and to the price levels of October 26, 2020 at 1.2880.
Our trading plan for the next few hours is to buy above the 21 SMA located at 1.3120, with targets at 1.3183 and 1.3305. The eagle indicator is giving a positive signal which supports our bullish strategy.
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