Technical outlook:
GBP/USD outlook continues to remain bullish as 1.1414 is intact. The single currency pair is seen to be trading around 1.2513 levels at this point in writing and is expected to push higher towards 1.3200 resistance as marked on the 4H chart here. Please note that GBP/USD may correct lower before breaking higher but any drop should remain well capped above 1.2150 levels. Immediate interim support is at 1.2247 while resistance is seen through 1.3200 levels respectively. Earlier GBP/USD had bottomed around 1.1414 levels and rallied through 1.2585 levels which is the recent boundary being worked upon. The fibonacci supports/retracement beging from 1.2100 levels and extends through1.1859 levels respectively. GBP/USD remains a buy on dips chart until 1.1414 support is intact.
Trading plan:
Remain ling, stop @ 1.1414, target is 1.3200.
Good luck!
