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GBP/USD is trading slightly higher and probably it will reach fresh highs in the upcoming days. The dollar is losing ground as the USDX has plunged in the short term. The pair is trading at 1.2660 level, far above 1.2622 yesterday's high.
The pair as registered an aggressive breakout above the near-term resistance levels, that's why we could think that the current momentum will resume. You should keep an eye also on the USDX because a further drop will weaken USD.
GBP/USD has managed to escape from the major black descending pitchfork, confirming a further increase. Also, the upside breakout from the up-channel between the inside sliding lines (sl, sl1) of the minor ascending pitchfork has signaled a strong momentum and a broader swing higher.
The rebound has started after the GBP/USD failure to reach the median line (ML) of the black descending pitchfork, so the bullish movement towards the upper median line (UML) was natural and expected, the breakout above this obstacle signals that the pair should jump higher.
GBP/USD is bullish as long as it stays above the broken upper median line (UML), the aggressive breakout has represented a strong bullish signal. The next upside target is seen at the R1 (1.2725) level, and at the upper median line (uml) of the orange ascending pitchfork.
We could have another log opportunity if the price will come back down to retest the broken upper median line (UML).
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