On January 2nd, the market initiated the depicted uptrend line around 1.2380.
This uptrend line managed to push the price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775.
Another bullish wave was demonstrated towards 1.3350 before the current bearish pullback was demonstrated towards the uptrend again.
A weekly gap pushed the pair slightly below the trend line (almost reaching 1.2960) . However, significant bullish recovery is being demonstrated today rendering the mentioned bearish gap as a false bearish breakout.
Bullish persistence above 1.3060 ( Fibonacci 61.8% ) is mandatory to pursue the bullish momentum towards 1.3130 and then 1.3190-1.3200 where the next Fibonacci levels are located.
Trade Recommendations :
The GBP/USD pair remains bullish as long as price is maintained above 1.3000 (61.8% Fibonacci level).
Target levels are projected towards 1.3130 then 1.3200. H1 candlestick closure below 1.2990 invalidates this bullish setup.
The material has been provided by InstaForex Company - www.instaforex.com
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