GBP/USD stands at 1.4183 at the moment of writing. It's trapped within a narrow range in the short term, so we have to wait for a valid breakout before really deciding to go long or short.
The ISM Services PMI, Final Services PMI, ADP Non-Farm Employment Change, and the Unemployment Claims could bring high volatility and could force the pair to escape from this pattern. I believe that the data in line with expectations or better could help the greenback to take the lead.
GBP/USD Still Bullish!
GBP/USD is challenging the 1.4177 static resistance after coming back above the weekly pivot point (1.4163). An upside continuation will be signaled by a valid breakout through 1.4241 and above the third warning line (WL3).
The price is still bullish after failing to reach the S1 (1.4108) weekly support. Technically, the price could approach and reach the third warning line (WL3) after testing and retesting the broken WL2.
GBP/USD Forecast!
Buy GBP/USD if the price jumps and closes above the 1.4249 level, higher high. The 1.44 psychological level could be used as an upside target.
Dropping and closing below 1.4091 low could announce a bearish reversal in the short term.
