GBP/USD Broke Out above 1.2885

When the market closed last Friday GBP/USD was still testing the resistance at 1.2885, which coincides with the (MA)89 indicator on the daily time-frame, but this week the pair finally decisively broke out above that level and continued moving north. What is more, the pair has also formed a clear spinning top on the weekly time-frame at 1.2770, which could be an indication that the move to the downside is over at least for now. Next target to the upside is probably around 1.2975 – 1.3000. That said, if the pair does break out below the support at 1.2770 it could continue dropping towards the next support at 1.2700 or even towards 1.2600.