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The GBP/USD pair has broken key resistance which represents the weekly pivot point in the one-hour time frame.
We look to buy on strength above major resistance at 1.2797 (38.2% Fibonacci retracement).
After breaking the resistance at 1.2797. The GBP/USD pair has set strong support at the levels of 1.2797 because the support has become a resistance on the 29th of September 2020.
So, the price has already formed the strong support at the level of 1.2797 and the pair probably will try to approach from it in order to test it again. Current price sets at the level of 1.2820.
However, if the pair fails to pass through the level of 1.2797, the market will indicate a bullish opportunity above the new strong resistance level of 1.2797.
Indicator : The RSI (14) sees major ascending support line acting as support to push price up from the area of 1.2797 - 1.2800.
Therefore, the market is indicating a bullish opportunity above the 1.2797 level so it will be a good sign to buy at 1.2797 with the first target of 1.2915 (R1).
It will also call for an uptrend in order to continue towards 1.2966. The weekly strong resistance is seen at 1.3086.
On the other hand, it is also worth noting that the price at 1.2966 will possibly form a strong support. Accordingly, saturation around 1.2966 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bearish market.
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