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The GBP/USD pair will continue to rise from the level of 1.4021. The support is found at the level of 1.4021, which represents the 61.8% Fibonacci retracement level in the H4 time frame.
The price is likely to form a double bottom. Today, the major support is seen at 1.4021, while immediate resistance is seen at 1.4157.
Accordingly, the GBP/USD pair is showing signs of strength following a breakout of a high at 1.4021.
So, buy above the level of 1.4021 with the first target at 1.4157 in order to test the daily resistance 2 and move further to 1.4208.
Also, the level of 1.4246 is a good place to take profit because it will form a new double top.
Therefore, there is a possibility that the GBP/USD pair will move upwards above 1.4021, which coincides with a ratio 61.8% of Fibonacci retracement.
The weekly pivot is seen at the level of 1.4021. The market is still in an uptrend. We still prefer the bullish scenario.
Amid the previous events, the pair is still in an uptrend; for that we expect the GBP/USD pair to climb from 1.4021 to 1.4246 today.
At the same time, in case a reversal takes place and the GBP/USD pair breaks through the support level of 1.4000, a further decline to 1.884 can occur, which would indicate a bearish market.
In the long term, the GBP/USD pair will continue to rise from the level of 1.4021. The support is established at the level of 1.4021 which represents the 61.8% Fibonacci retracement level in the H4 time frame.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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