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GBP/USD is testing strong dynamic resistance. A valid breakout will open the door to a further growth in the short term. The pair is trading at 1.2727, the price action has signaled a potential breakout above the near-term resistance levels.
The pair has decreased a little in the last hours, but this drop could be only a temporary one, GBP/USD is testing a broken static resistance, another higher high will activate a further upside movement.
I've said in the previous analysis that, GBP/USD will climb higher if it stays above the broken upper median line (uml) and above 1.2542. The valid breakout above 1.2647 has signaled a larger increase on the h4 chart.
GBP/USD has found temporary resistance at the 150% Fibonacci line, a valid breakout above it and stabilization above the R1 (1.2724) level will bring a long opportunity.
Buy GBP/USD if the price closes and stabilizes above the 150% Fibonacci line and above 1.7540 level, the next upside target will be at the median line (ML) of the major ascending pitchfork.
The outlook is bullish, so we cannot talk about a potentially significant drop as long as GBP/USD is trading above 1.2542 - 1.2500 area. You could search for long opportunities if the price is trading above the 1.2647 level.
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