GBP/USD: Confirmed reversal for bulls above 1.3721

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GBP/USD: Confirmed reversal for bulls above 1.3721

The reversal sign for GBP/USD was confirmed at the end of last week. Bull traders took over the price and drove it up to 1.3750 levels last Thursday. Optimism about falling UK covid cases supports sterling while the cautious market mood keeps the dollar bid. Pound/dollar is benefiting from upside momentum on the four-hour chart and has topped the 50 Simple Moving Average, both bullish signs.

The previous resistance level got broken above and retested above level 1.3721 that represents newly found support that opened the door for bulls to attack higher levels. After nice consolidation, it is expected to reach the next target level of 1.3800 which represents a low from middle July. The first bear reaction is expected to be seen under this level. Once the price approaches below 1.3800 it is possible to see some taking profits scenario as a reaction from bulls who took long position above 1.3721.

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