GBP/USD soared last week, gaining 250 points. The pair closed at 1.3015, the first weekly close above the 1.30 level since May. This week’s highlights are the PMI reports. Here is an outlook for the highlights of this week and an updated technical analysis for GBP/USD.
This week for the GBPUSD, we are looking at one of the most ignored timeframes of all time – the M30 chart! The M30 chart is most often ignored as traders prefer the M5 or M15 chart but nonetheless, chart formations on the M30 chart can be used to trade as well, especially if the formation is especially clear – like the double top for the GBPUSD. While the second top did close a little higher than the first one, in my opinion it can still be traded. The level we are interested in here is 1.3030, I am however bullish on this pair and I believe the level will not hold if tested.