Overview:
- The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.4150. On the H1 chart, the level of 1.4150 coincides with 23.6% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 23.6 % Fibonacci level, the market is still in an uptrend. But, major support is seen at the level of 1.4082. Furthermore, the trend will show strength as long as it is still above the moving average (100). Thus, the market is indicating a bullish opportunity above the above-mentioned support levels. The bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the levels of 1.4082 and 1.4150 providing a clear signal to buy with a target seen at 1.4214. If the trend breaks the minor resistance at 1.4214, the pair will move upwards continuing the bullish trend development to the level of 1.4340 in order to test the daily resistance 1.
Intraday technical levels:
- R3: 1.4598
- R2: 1.4472
- R1: 1.4340
- PP: 1.4214
- S1: 1.4082
- S2: 1.3956
- S3: 1.3824
