The GBP/USD pair settled above the price of 1.3184 and is trying to continue its rebound toward the higher, because the GBP/USD pair has stabilized above the support level at 1.3184.
It should be noted that the GBP/USD pair keep moving higher, and the continuation of the current trend may provide more support to Pound.
Amid the previous events, the price is still moving between the levels of 1.3184 and 1.3298. The daily resistance and support are seen at the levels of 1.3298 and 0.6564 1.3184. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the uptrend channel has completed.
Be careful! the strong support has been already faced at the level of 1.3184 and the pair is likely to try to approach it in order to test it again and form a double bottom.
Hence, the GBP/USD pair is continuing to trade in a bullish trend from the new support level of 1.3184; to form a bullish channel.
According to the previous events, we expect the pair to move between 1.3184 and 1.3298. Also, it should be noted major resistance is seen at 1.3298, while immediate resistance is found at 1.3232. Then, we may anticipate potential testing of 1.3232 to take place soon.
Moreover, if the pair succeeds in passing through the level of 1.3232, the market will indicate a bullish opportunity above the level of 1.3298. A breakout of that target will move the pair further upwards to 1.3344.
Buy orders are recommended above the area of 1.3184 with the first target at the level of 1.3232; and continue towards 1.3298 - 1.3344.
On the other hand, if the GBP/USD pair fails to break out through the resistance level of 1.3232; the market will decline further to the level of 1.3114 (daily support 3).
