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GBP/USD is trading lower at 1.4173 level versus 1.4241 today's high. The price slipped lower, having reached this new peak high signaling that the bulls are exhausted in the short term. Still, you should know that the outlook is bullish despite any temporary drop.
Now, is very important to see what will really happen with the USDX. A potential upwards movement registered by the US Dollar Index could bring a sell-off on GBP/USD. Surprisingly or not, the pair extended its growth even if the US CB Consumer Confidence increased unexpectedly from 88.9 to 91.3 points.
GBP/USD increased as expected after closing above the R1 (1.4080) static resistance. As you can notice on the H4 chart, the price registered a false breakout with great separation above 1.42 psychological level signaling an overbought situation.
The outlook remains bullish as long as GBP/USD is located above the R2 (1.4161) and beyond the second warning line (WL2) of the minor ascending pitchfork.
The eighth warning line (wl8) and the R3 (1.4286) levels are seen as the next upside targets if the pair continues to increase.
Buying here is risky even if GBP/USD could approach and reach the eighth warning line (wl8). Maybe only a consolidation above the R2 (1.4161) and one or two false breakdowns below this static support and through the second warning line (WL2) could suggest buying.
Also, closing above 1.42 could indicate a further growth towards wl8 and up to the R3 (1.4286).
Selling will be possible if GBP/USD fails to close above 1.42. So, a reversal pattern here, another false breakout with great separation above 1.42 psychological level and through wl8 or a major bearish engulfing followed by a drop and stabilization below the R2 (1.4161) and under WL2 represents a selling opportunity.
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