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GBP/USD remains strong in the short term despite the minor retreat. The minor drop was somehow natural after the impressive growth and because the USDX has recovered a little since Friday.
The currency pair is trading below an important dynamic resistance, a valid breakout will validate another rally. GBP/USD is bullish, so you should search for long opportunities, the USD could lose more ground if the USDX drops deeper.
GBP/USD was rejected by the 250% Fibonacci line in the first instance, but now is coming back to take this resistance out and to continue higher. Personally, I believe that we'll have another breakout attempt above the 250% line in the upcoming hours.
The pair has found support right on the Pivot Point (1.3008), so GBP/USD could develop another upside momentum as long as it stays above this level and above the median line (ML).
Buy a valid breakout (close above and retest) above the 250% Fibonacci line, or another higher high, a jump above the 1.3170 level. The second warning line (WL2) could be taken into consideration as a target.
Technically, GBP/USD could resume its upwards movement if it's located above the median line (ML) of the major black ascending pitchfork. A potential significant drop will be validated only if the price drops and stabilizes below the median line (ML).
GBP/USD could drop again if it fails to reach the 250% Fibonacci line, this scenario could happen if the US Dollar Index climbs higher.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
