GBPUSD has crossed to the bull region since the lockdown in 2020, making the GBP gain against the USD. The appreciation has led to a new high at 1.42634 since 2018. The lowest price of $GBPUSD at 1.14242 was reached during the lockdown. The monthly chart shows the pounds a W pattern is about to be formed, which indicates a continued bullish movement. In the last 3 months, $GBPUSD has maintained a support level of $1.36048 at three different times. Price could not break the support to the downside. The GBP might be appreciating against the USD for the new few years.
RSI shows price has been oversold 5 times in the past 3 months and overbought at two different instances. The $GBPUSD bulls are willing to push higher. Last week, the price has been ranging around 1.39611 and 1.36048, but a breakout just occurred. This breakout might follow a similar pattern it has followed in July and August. If the price fails to break out the resistance level at 1.39025, then a correction might occur. But as it stands, a breakout is likely to occur, as the price has crossed to the higher region of the Bollinger bands. If the price closes in the upper region of the Bollinger bands, the bullish movement might continue.
