The British pound can overcome the storing resistance level today
Yesterday the cable showed strengthening during the European session, but after the beginning of the American session was unable to resist the US dollar.
The pair GBP/USD almost reached the strong technical level of 1.4430 which is irresistible for the pair.
Today the UK is to publish data on the labor market, which can indicate the growth of inflationary pressures. In addition, the market continues to search the alternative to the strong US dollar, and the pound may become this alternative due to the good pace of growth of the British economy.
Thus, it is possible we will see the breakthrough of the resistance level today. Or it will descend to the lower boundary of the 2.5-month price range.
In this situation, it makes sense to take a decision after the news.
How to trade
We continue to monitor the formation of the rising structure. The short-term upward movement is possible in the range of 1.4420 - 1.4504. The short-term bearish movement is expected in the range of 1.4336 - 1.4305. We should buy call binary options if the pair rises above 1.4420. We should buy put options if the pair falls below 1.4336. Don’t forget about the news.
Expiry time: 20:00 GMT