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GBP/USD rallies and it could approach and reach fresh new highs if the Dollar Index drops further. The pair has resumed its growth as expected after the poor NFP data reported on Friday.
As you already know, the US Non-Farm Employment Change was reported lower at 266K versus 990K expected and compared to 770K in March. Also, the Unemployment Rate has increased surprisingly from 6.0% to 6.1%, even if the specialists have expected a decline to 5.8%.
USD's depreciation is natural after these poor figures, so GBP/USD could continue to increase as the outlook is bullish after failing to confirm a new corrective phase.
GBP/USD is trading at 1.4055 level and is challenging the first warning line (WL1) which is seen as a dynamic resistance. It is almost to reach the R1 (1.4060) upside obstacle, a valid breakout above it could signal more gains.
The pair has moved sideways in the short term trying to accumulate more bullish energy before jumping higher. Escaping from the minor descending pitchfork's body and closing above 1.3918 confirmed a bullish momentum.
The breakout through 1.3918 represented a buying opportunity. Now, we have to wait for a valid breakout above the warning line (WL1) or for a minor retreat before going long again.
It's risky to buy it at the R1 because we may have a minor decline if it makes only a false breakout. Stabilizing above the WL1 could signal a potential valid breakout above the R1 (1.4060).
A temporary decline to retest 1.3998 may bring a new buying opportunity, a new upside momentum with a potential target at 1.42 psychological level.
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