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GBP/USD has retreated from the 1.3624 new higher high and now is traded at 1.3537. Still, the decline could be only a temporary one before the rate starts increasing again. The price could come back to test and retest the near-term support levels after the recent rally.
The Pound has depreciated a little even though the BOE maintained its interest rate and QE unchanged in yesterday's session. Today, the UK's Gfk Consumer Confidence and the Retail Sales have beaten the expectations, so the pair could come back higher.
GBP/USD has found strong resistance at the R2 (1.3620) level and now it could slip lower to retest the up channel's resistance. Technically, the bullish bias remains intact as long as it stays above the up-sloping line.
Further growth will be signaled by a valid breakout above the R2 (1.3620) and through the fourth warning line (wl4). The current drop could be natural in the short-term after the sharp growth. The retreat could help us to catch a new upside momentum.
A false breakdown with huge separation below the channel's upside line could offer us a great long opportunity. Also, a new higher high, bullish closure above the R2 (1.3620) and above the warning line (wl4) suggests buying with upside targets at the 1.38 and 1.39 levels.
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