Today, the GBP/USD pair has broken resistance at the level of 1.1975 which acts as support now. Thus, the pair has already formed minor support at 1.1975.The strong support is seen at the level of 1.1947 because it represents the weekly support 1.
Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.1975 in the M15 chart.
Also, if the trend is buoyant, then the currency pair strength will be defined as following: GBP is in an uptrend and USD is in a downtrend.
Buy above the minor support of 1.1975 with the first target at 1.0227 (this price is coinciding with the ratio of 23.6% Fibonacci), and continue towards 1.2033 (the weekly resistance 1).
On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 1.2007; hence, the price will fall into the bearish market in order to go further towards the strong support at 1.1947 to test it again. Furthermore, the level of 1.1924 will form a double bottom.
The level of 1.1924 coincides with 00% of Fibonacci - double bottom, which is expected to act as major support today. Since the trend is above the 00% Fibonacci level, the market is still in an uptrend. From this point, the GBP/USD pair is continuing in a bullish trend from the new support of 1.1924.
Moreover, the RSI starts signaling an upward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bullish opportunity above 1.1924 in order to long deals with the targets of 1.0207 and 1.2033.
