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GBP/USD drops at the time of writing and it seems determined to reach and retest the immediate support levels before deciding direction. The pair has escaped from a Falling Wedge pattern, so it could still jump higher in the short term.
It remains to see what will really happen as the rate is still under selling pressure. USDX's further growth could force the pair to decline again. Unfortunately, the Dollar Index could register a deeper correction after the most recent swing higher.
GBP/USD was somehow expected to increase after escaping from the Falling Wedge pattern. It has retreated a little to retest the 50% retracement level and the Pivot Point (1.3905) before jumping higher.
The bullish bias remains intact as long as it stays within the minor ascending pitchfork's body. Technically, an important upside movement will be signaled and validated by a valid breakout above the R1 (1.4010), if the pair forms a new higher high.
Buy a bullish closure above the median line (ml) and beyond the R1 (1.4010) level. Also, a false breakdown with great separation through the lower median line (lml) or a major bullish engulfing printed on the immediate support levels could offer a good long opportunity.
1.4240 highest high remains an important upside target if the rate continues to increase. The bullish scenario becomes invalid if GBP/USD drops and closes again under the 61.8% retracement level.
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