Price posted humble gains today and looks undecided on the short term. Is narrowing and waits for a bullish spark to be able to climb much higher in the upcoming period. GBP/USD maintains a bullish perspective on the daily chart as the uptrend is unharmed.
It could climb much higher in the upcoming days if the dollar index will slide further, the USDX hovers above the 92.49 static support, only an accumulation will signal another rebound.
Is premature to talk about a broader rebound on the dollar index because it’s still trapped under a very strong dynamic resistance.
Technically, the GBP/USD is expected to climb much higher on the short term, but you should be careful because the fundamental factors will take the lead today. The United States will release high impact data in the afternoon, so a high volatility is expected.
GBP/USD is trading near the half of the ascending channel maintaining a bullish perspective on the daily chart after the false breakdown below the upper median line (UML) of the major descending pitchfork. Could retest the 250% Fibonacci line (ascending dotted line) before will climb much higher.
It’s moving sideways, but I hope that we’ll have a clear direction after the afternoon storm. This is a crucial day for the US dollar, the economic data could ruin or lift it. The economic calendar is filled with high impact data, so you should be careful not to suffer a heavy loss.
Price stands above the Monday’s gap up, maintaining a bullish bias, a retest of the 250% Fibonacci line could bring more buyers. The next upside target will be at the 1.3046 static resistance, only a drop under the, mentioned dynamic support will signal a drop towards the 1.2798 critical support.
