GBP/USD is seen to be trading around 1.2333 levels at this point in writing and is expected to continue pushing higher after a brief corrective drop. The currency pair seems to have carved a meaningful bottom around 1.1414 levels earlier. Since then it has remained in control of bulls and managed to carve higher highs and higher lows. The recent drop to 1.2080 was well supported by the fibonacci 0.382 retracement of the earlier upswing. Ideally, GBP/USD should remain above 1.2080 levels and push higher towards 1.2850/1.2900 and 1.3200 resistance. The recent upswing is seen between 1.2150 and 1.2360 respectively. GBP/USD might drop to the fibonacci 0.618 support of the above upswing, which is around 1.2240/50 levels respectively. Expect a bullish reversal from there, which could push GBP/USD higher towards 1.2900 and further.
Technical outlook:
GBP/USD is seen to be trading around 1.2333 levels at this point in writing and is expected to continue pushing higher after a brief corrective drop. The currency pair seems to have carved a meaningful bottom around 1.1414 levels earlier. Since then it has remained in control of bulls and managed to carve higher highs and higher lows. The recent drop to 1.2080 was well supported by the fibonacci 0.382 retracement of the earlier upswing. Ideally, GBP/USD should remain above 1.2080 levels and push higher towards 1.2850/1.2900 and 1.3200 resistance. The recent upswing is seen between 1.2150 and 1.2360 respectively. GBP/USD might drop to the fibonacci 0.618 support of the above upswing, which is around 1.2240/50 levels respectively. Expect a bullish reversal from there, which could push GBP/USD higher towards 1.2900 and further.
Trading plan:
Remain long, stop @ 1.1414, target @ 1.3200, 1.3500
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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