# GBP/USD: Rally to Continue? (August 20, 2013) Source: https://www.tradersway.com/resources/market-info/gbp-usd-rally-to-continue-august-20-2013/ Language: en Updated: 2013-08-20 Description: Explore GBP/USD: Rally to Continue? (August 20, 2013). GBP/USD has. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. GBP/USD has made another new high recently, as it broke slightly above the bullish pennant or flag pattern on its 1-hour time frame. However, it appears that the upward pressure isn’t that strong yet and the pair still has a chance at pulling back to an area of interest before moving further north. Using the Fibonacci retracement tool on the latest swing high and low on the 1-hour time frame shows that the 50% Fib level lines up with a resistance turned support level. In addition, it is also around the 1.5550 minor psychological level, which suggests that it’s a good support zone. ![GBP/USD: Rally to Continue? (August 20, 2013)] Take note though that stochastic is not yet in the oversold region, which means that the pair could still dip a little lower before resuming its climb. Going long at 1.5550 with a stop below the 1.5500 handle or the lowest Fib level would yield a 2:1 trade with a target around 1.5650 to 1.5700. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/gbp-usd-rally-to-continue-august-20-2013/#primary", "url": "https://www.tradersway.com/resources/market-info/gbp-usd-rally-to-continue-august-20-2013/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/gbp-usd-rally-to-continue-august-20-2013/", "headline": "GBP/USD: Rally to Continue? 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