GBP/USD rallied in the short term after finding support. It's located at 1.3861 level and it could approach and reach the immediate upside obstacles.
The British Pound has increased in the last hours even though the UK data has come in mixed. You should be careful later today as the US data could bring high volatility. Some poor US economic figures could push GBP/USD higher.
Technically, the pair has shown some oversold signs, that's why we should search for long opportunities.
GBP/USD Trading In The Green!
GBP/USD has found support on the 1.3823 level and now it could come back to retest the descending pitchfork's upper median line (uml) and the weekly pivot point (1.3885).
Making a valid breakout through these levels could really announce a larger growth in the short term. The pair could be attracted by the confluence area formed at the intersection between the pivot point with the upper median line (uml).
Conclusion!
GBP/USD failed once again to approach and reach the descending pitchfork's median line (ml) signaling an upside movement. A valid breakout above the immediate resistance levels could bring a great long opportunity with a potential upside target at 1.4000 psychological level.
