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GBP/USD is expected to climb higher in the short term after a minor consolidation. The price is trading at 1.3083 level, the pound could take full control again as the USD is weakened by USDX's drop.
Yesterday's UK data have helped the sterling to recover after the last minor drop and could support the GBP/USD upside momentum. The failure to make another lower low has announced another bullish movement in the short term.
GBP/USD has failed to retest the median line (ML) of the major ascending pitchfork signaling strong buyers and bullish pressure. Is traded above the 250% Fibonacci line, the next upside target is seen at the second warning line (WL2).
Technically, when the price jump above the median line (ML), it turns back to retest it, in our case, the rate has failed to retest it announcing a significant increase towards fresh new highs.
GBP/USD was expected to resume its upwards movement after ignoring the median line (ML), this line has represented major dynamic resistance. You can buy a jump above 1.3132 former high, the first target will be at the second warning line (WL2), around 1.3250 level. A valid breakout above the WL2 will suggest a broader increase.
We may have a selling opportunity only if the rate will fail once again to stabilize above the 250% line and if it drops below the median line (ML).
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