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GBP/USD is moving up within an up channel, but a significant increase needs more than that. Still, the current increase could be only a temporary one if the US reports better than expected data and if the USDX gives birth to a strong bullish momentum.
The pair is still undecided, despite the minor increase in the short term, but I really hope that today's economic data will bring a clear direction. The US Prelim GDP will bring high volatility in the markets and maybe a trading signal as well.
GBP/USD has found strong resistance at the inside sliding line (sl) of the minor orange ascending pitchfork, so the current decrease is natural. The upward channel between the sliding line (sl) and the lower median line (lml) could be violated soon, unfortunately, the direction is still uncertain.
Technically, the ascending channel could represent a continuation pattern, so GBP/USD could decrease further. This scenario could take shape if the price stabilizes below the S1 (1.2288) and below the 50% retracement level.
The former Head & Shoulders pattern is still active as long as GBP/USD is trading below the S1 (1.2288) level, the current increase could be used as a chance to sell it again after a potential valid breakdown below the lower median line (lml) of the orange ascending pitchfork.
A valid breakdown below the lower median line (lml) will lead to a breakdown through the 38.2% static support, the next downside targets are seen at the S2 (1.1985), 23.6%, and at the S3 (1.1806) levels.
On the other hand, a long opportunity could be considered if GBP/USD price jumps and closes above the inside sliding line (sl) and above the 1.2362 high. The median line (ml) and the PP (1.2468) - 61.8% area could be used as upside targets in the short term, a valid breakout above these obstacles will signal a further increase towards the R1 (1.2771) and towards the upper median line (uml) of the ascending pitchfork.
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