Black line- support trend line
Blue lines- expected equal size advance
Green lines- Fibonacci extension targets
GBPUSD is trading around 1.2461 having broken above the recent high of 1.2457 made yesterday. Price is forming higher lows along the black upward sloping support trend line. As long as price respects the black trend line, we expect GBPUSD to continue higher and form a similar upward trajectory to the previous upward move from 1.2307 to 1.2543. Our target is at 1.26 where we find the 100% Fibonacci extension target. At 1.2395 we find the recent lows and the black support trend line. Bulls need to defend this level.
