Technical outlook:
GBP/USD is seen to be trading around 1.2270/75 levels at this point in writing and is expected to resume its rally towards 1.3200 levels as depicted on the 4H chart here. The currency pair is looking to test support around 1.2150, before reversing higher again. The structure remains constructive for bulls as long as prices stay above 1.1414 levels, going forward. Even if prices drop to the fibonacci 0.382 retracement levels at 1.2098, it would be a healthy pullback. Bulls would remain poised to then resume higher towards 1.3200, which is strong resistance. Please note that interim support stand around 1.2150 levels, while resistance is seen at 1.3200, followed by 1.3515 respectively.
Trading plan:
Remain long, stop @ 1.1414, target is 1.3200 and 1,3515.
Good luck!
