GBP/USD is trading sideways at the price of 1.2450. Anyway, the upward momentum is still present in the background and I still expect more upside yet to come. Potential tests of 1.2500-1.2445 are in play.
Black horizontal lines – Broken trading range
Blue horizontal lines – Resistance levels and upward objectives
Rising purple line – Expected path
MACD oscillator is showing good new momentum up in the background and I do expect at least another push higher towards the level of 1.2500. Key support levels are seen at 1.2380 and 1.2366 and resistance levels at 1.250 and 1.2545. Bears need to be very cautious as there is strong upward momentum in the background and potential buying the dips type of feeling on the 4H time-frame. As long as the GBP is trading above the 1.2340, I would watch for long opportunities on the pullbacks.
