Pair: GBP/USD
We expect the bullish trend for the upcoming sessions as long as the price is above 1.2258 levels in the long term. The GBP/USD pair is now trading back at the upper end of the upward channel it has trended within since August.
Immediate support is seen at 1.2258 which coincides with a golden ratio (61.8% of Fibonacci).
The depicted support level of 1.2258 acted as a prominent key level offering a valid buy entry.
The GBP/USD pair is continuing in a bullish market from the support level of 1.2258 to settle around the area of 1.2328.
We foresee the price to move towards the level of 1.2328 and then reach a new maximum again around the price of 1.2425.
Please, note that the strong resistance stands at the level of 1.2328. If the price breaks the level of 1.2328, our forecasts potential testing of 1.2425. The current ascending structure implies that the market may reach the level of 1.2557 in coming days.
In larger time frames the trend is still bullish as long as the level of 1.2258 is not breached. However, The stop loss should be placed below the low reached near support 1 (1.2187).
