GBP/USD dropped significantly in the last hours but the bias remains bullish. The pair has escaped from an important continuation pattern, so technically, it is somehow expected to increase.
It could still reach and retest the immediate support levels before jumping higher. The volatility will be high today around the US inflation data, so you should be careful. Anything could happen, the sentiment could change, even if the outlook is bullish.
GBP/USD Drops Ahead Of US Inflation Data!
It has escaped from the descending pitchfork's body and now it has confirmed its breakout above the downtrend line and through the warning line (wl1).
GBP/USD has retested the weekly pivot point (1.3849) level signaling further growth. It could increase as long as it stays above this level.
Forecast!
We may have a new long opportunity if the price makes a new higher high, to jump and close above 1.3909. The 1.4001 higher-high could be used as a potential upside target.
