Overview:
- The GBP/USD pair faced resistance at the level of 1.2846, while minor resistance is seen at 1.2804. Support is found at the levels of 1.2765 and 1.2715. Besides, a daily pivot point has already set at 1.2806. Equally important, the GBP/USD pair is still moving around the key level at 1.2806, which represents a daily pivot on the H1 time frame at the moment. Yesterday, the GBP/USD pair continued to move upwards from the level of 1.2756. The pair rose from the level of 1.2756 which coincides with the first support to the top around 1.2806. In consequence, the GBP/USD pair broke resistance, which turned into strong support at the level of 1.2715. This level is expected to act as major support today. From this point of view, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.2765 towards the target level of 1.2846. If the pair succeeds in passing through the level of 1.2846, the market will indicate the bullish opportunity above the level of 1.2846 in order to reach the second target at 1.2904 in coming days. On the other hand, if a breakout happens at the support level of 1.2715, then this scenario may be invalidated.
