FX.co ★ GBPUSD bullish setup remains valid.

Red line -resistance

Blue line- support trend line

Green lines - Fibonacci targets

GBPUSD pulled back towards 1.1170 where we find the key upward sloping support trend line. Price tested the support and is now bounci0ng higher. Price continues making higher highs and higher lows. Bulls have taken over short-term trend and are setting up the next upward move that will test recent highs at 1.1490. If bulls manage to break above the horizontal resistance at 1.1490 we should expect more upside towards 1.1635 and why not 1.20. Support at recent low of 1.1170 is very important for the short-term. A break below it will open the way for a move towards 1.0920 lows. Bulls need to defend the blue trend line.