GBP/USD Breaks Resistance

The US dollar tumbled after Fed Chairman Jerome Powell said it was too early to withdraw support. The pair has seen solid buying interest at the daily support (1.3600).

After a short-lived consolidation below the key resistance at 1.3770, a bullish breakout is a sign of commitment from the buy-side. An overbought RSI may cause a limited pullback with buyers expected around 1.3700.

As sellers reverse their positions, 1.3820 would be the next target and its breach could open the door to July’s peak at 1.3980.

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