The GBP/USD currency pair has recently formed an ascending low thus preserving the mechanism of the bullish direction.
The price has broken the upper limit of the ascending triangle (1.6500) & closed once again above the broken uptrend line.
As you see the bullish candlesticks at retest of the broken resistance level 1.6470-1.6500 (Now acting as support) indicating strength of bulls there.
The current price is testing the broken resistance level (1.6470) now acting as support holding the price above till now.
There's no confirmatory price action of this level as we see alternative bullish & bearish candlesticks.
Break of the current support level opens the way to 1.6350 which is 50% Fibonacci of the marked wave which may stop further decline of the pair.
SL should be 4H closure below 61.8% Fibonacci (1.6290).
