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GBP/USD has decreased a little in the short term, but the drop was only a temporary one and now the pair seems determined to take out the near-term major resistance. The Pound has taken the lead again as the USD is punished by the USDX's drop.
A USDX's further drop could push GBP/USD higher in the short term. The US Dollar Index is trading at 95.94, it has violated the 96.00 critical support, but the breakdown could still be invalidated.
GBP/USD has found support right on the Pivot Point (1.2487) level, the false breakdown with great separation below this downside obstacle has announced another rally. The price has come back above the upper median line (ml) of the red descending pitchfork signaling that the drop was only a temporary one and that GBP/USD could resume the upside movement.
Still, only a valid breakout above the 1.2647 static resistance will validate a further increase towards the R1 (1.2724) level and maybe towards the median line (ML) of the major ascending pitchfork.
Buy GBP/USD if the price makes another higher high and if it jumps and closes above the 1.2669 former high. This scenario could validate a further growth towards the 1.2813 level as the pair has failed to reach the median line (ml) of the minor red descending pitchfork.
Only a USDX's strong rebound and the GBP/USD drop and a valid breakdown below the PP (1.2487) will bring a short opportunity on this pair at this moment.
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