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The GBP bulls are still in control and could drive the pair higher on the short term. GBP/USD is trading at 1.2420 level, the outlook is bullish after the breakout above a resistance area. The pair has developed a continuation pattern, a valid breakout from it will validate a further increase and it will give us a chance to go long.
The Pound continues to grow versus the US dollar only because the USD is weaker these days and not because UK currency is strong, the dollar drops as the USDX drops again. The US economy is harmed by the COVID-19 effects, the poor data have punished the greenback, even if the dollar remains a safe-haven currency.
GBP/USD is still trapped within the minor chart pattern, it has moved sideways on the short term after the breakout above the median line (ML) and above the 50% retracement level. I've said in my previous analysis that a valid breakout above the median line (ML) will confirm a further increase.
The price seems determined to resume the upside movement after the current consolidation, the next upside target will be at the 61.8% retracement level. However, a valid breakout from the minor triangle will send the rate way above the 61.8% obstacle.
A valid breakout from the minor pattern will signal a further increase, we can go long again if GBP/USD makes another higher high. If it jumps and closes above the 1.2485 level, an important target is seen at the weekly R1 (1.2804) level, while the Stop Loss could be placed below the median line (ML) and below the 50% retracement level.
However, a valid breakout above the 61.8% level and another higher high could signal an increase even towards the R2 (1.3164) and towards the upper median line (UML) because we'll have a potential reversal.
A further increase will be invalidated if the price makes a downside breakout and if it drops and stabilizes below the median line (ML) and below the 50% level, this scenario could give us a selling opportunity.
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