GBP/USD is trading in the red at 1.3816 at the time of writing. It has found temporary resistance and now it tries to attract more buyers. The UK CBI Realized Sales indicator will be released later today but I don't think it will have an impact.
The current decline is natural after yesterday's rally and after DXY's rebound. The US CB Consumer Confidence should bring high action on this pair. Worse than expected data could boost GBP/USD.
Only better-than-expected US data could save the dollar from the downside. You should be careful these days as the FOMC meeting could shake the markets tomorrow.
GBP/USD More Gains In View!
GBP/USD has found resistance at the weekly R1 (1.3829) and now it could drop a little. Technically, it could register a temporary decline before jumping higher again. It could come back down to accumulate more bullish energy.
Jumping and stabilizing above the R1 (1.3829) could really signal further growth towards the ascending pitchfork's upper median line (UML). A temporary decline could help us to catch a bullish momentum.
Forecast!
Buy GBP/USD after jumping and closing above 1.3833 yesterday's high. Also, dropping and retesting the ascending pitchfork's median line (ML) could bring is a new long opportunity.
The upper median line (UML) is seen as an important upside target, dynamic resistance.
