Is Pound Sterling Cheap? Take a Look at Our Analysis

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The current GBPUSD structure suggests that the market is now moving inside the yellow and green channels.

After the currency pair rebounds from the lower bound of the green channel, the price is expected to rise in the direction of its upper bound. Thus, the bulls may soon reach the resistance level of 1.334.

Further, if this target level is broken above, then the bullish trend will open the prospect of reaching the next important resistance level of 1.391, which is on the upper wall of the yellow channel.

However, if we see a rebound from 1.334, then the market may start moving down to the support of 1.307.

Thus, in the next trading days, we will probably see growth in the market.

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