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The GBP/USD pair set above strong support at the level of 1.3466, which coincides with the 61.8% Fibonacci retracement level.
This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3466 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 1.3466 and 1.3503. The GBP/USD pair is trading in a bullish trend from the last support line of 1.3503 towards the first resistance level at 1.3600 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3503 and further to the level of 1.3600.
The level of 1.3600 will act as first resistance and the double top is already set at the point of 1.3598.
Hence, the GBP/USD pair is continuing to trade in a bullish trend from the new first resistance of 1.3600; to form a bullish channel.
According to the previous events, we expect the pair to move between 1.3540 and 1.3705. Also, it should be noted major resistance is seen at 1.3705, while immediate resistance is found at 1.3600. Then, we may anticipate potential testing of 1.3705 to take place soon.
At the same time, if a breakout happens at the support levels of 1.3466 and 1.3405, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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