Overview :
The GBP/USD pair managed to settle above the support at 1.3644 and is trying to settle above the next resistance at 1.3699.
The GBP/USD pair has climbed along a steep, upward-sloping support channel since last week, the pair rose at an even more ambitious incline.
Price is testing minor resistance at 1.3699 (100% Fibonacci retracement, bullish wave bar harmonic formation, top).
We expect to see a strong reaction off this level to push price up towards 1.3699 before 1.3644 support (78% Fibonacci retracement, horizontal swing low support).
RSI is seeing major support above 60% where we expect further upside movement from. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.
Profit target reached perfectly once again, prepare for a bounce from the area of 1.3600 - 1.3644.
On the One-hour chart :
Today, The GBP/USD pair will continue rising from the level of 1.3644 in the long term.
It should be noted that the support is established at the level of 1.3644 which represents the daily pivot point on the H4 chart.
The price is likely to form a double bottom in the same time frame. Accordingly, the GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3644.
So, buy above the level of 1.3644 with the first target at 1.3744 in order to test the daily resistance 1. The level of 1.3744 is a good place to take profits.
If the trend is able to break the level of 1.3744, then the market will call for a strong bullish market towards the objective of 1.3777
today. On the other hand, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1..604, a further decline to 1.3450 can occur. It would indicate a bearish market.
