The GBP/USD pair has been trending upwards since the 17th of November 2015, with the bullish movement beginning from as low as 1.5153 to as high as 1.5298.
During the course of the day on Wednesday, the pair edged higher, reaching 1.5242, to fall back lower. Today, the pair kept going higher, hovering over the 1.5290 level, but turned back around to form a shooting star. With that being the case, the market will probably head lower. In case that the sellers manage to force the price to break below 1.5242, the pair could dive lower to 1.5209 and 1.5153 in extension.
Alternatively, in the event that the buyers keep pushing higher and the price breaks above 1.5298, the pair could advance up to 1.5331.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.