Technical analysis:
GBP has been trading downwards. The price tested and rejected of the main support at the $1.2950 leaving the strong tail/ Due to strong rejection of the support, I see potential upside movement towards the level at $1.3065-1.3070.
Watch for buying opportunities on the dips using the intraday frames 5/15 minutes.
MACD oscillator is showing decreasing momentum to the downside, which adds more strength into our bullish view...
Major support levels are set at the price of 1.2983 and 1.2950.
Resistance levels are seen at the price of 1.3045, 1.3065 and 1.3070.
