Overview:
The GBP/USD pair bullish trend has been formed from the support levels of 1.3012 and 1.3020. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), the immediate support is seen at 1.3011, which coincides with a ratio of 23.6% Fibonacci. Consequently, the first support is set at the level of 1.3011. So, the market is likely to show signs of a bullish trend around the spot of 1.3011/1.3020. Therefore, buy orders are recommended at the price of 1.3020 with the first target at the level of 1.3100. Furthermore, if the trend breaks through the first resistance level of 1.3100, then we will see the pair climbing towards the double top (1.3140) to test it. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 1.2972.