GBP/USD continues to rise after the recent breakout of the 4-hour Pennant chart pattern that has been earlier identified by Autochartist – as you can see form the following trade opportunity alert for this currency pair. The price is expected to reach the target level 1.6103 in the next 2 days. The stop-level for this forecast is set by Autochartist at 1.5955 (point A). GBP/USD has just broken above the resistance level 1.6073 (point B, which corresponds to the last reversal point of the upper resistance trendline of this Pennant). This breakout continues the preceding sharp weekly upward impulse from the strong support level 1.4850 (which previously reversed the pair sharply up in March). The upward-sloping moving average confirms this forecast.
The following weekly GBP/USD chart shows the longer-term picture of this pair’s movement: