Overview:
The GBP/USD pair continues to move upwards from the level of 1.2902. Last week, the pair rose from the level of 1.2902 to the top around 1.2985. The currently price is set at 1.2960.
The first support level is seen at 1.2902, the price is moving in a bullish channel now. Bulls are bidding at a lower price. Then it should become a bull's investor who believes that trend will rise because the market will be called for a bullish market (uptrend). Therefore, buy at a low price (1.2902).
The price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 1.2902, which coincides with the 61.8% Fibonacci retracement level.
This support has been rejected several times confirming the veracity of an uptrend. Additionally, the RSI starts signaling an upward trend.
Therefore, the market is likely to show signs of a bullish trend around the zone of 1.2902. In other words, buy orders are recommended below the spot of 1.2902 with the first target at the level of 1.3023 and continue towards 1.3061 in order to test the weekly support 2 on the H1 chart.
Amid the previous events, the trend was in an uptrend above the price of 1.2602 because the pair traded in a bullish trend from the weekly pivot point (1.2902). As a result, the trend set in an upntrend as long as the weekly pivot point was not breached.
On the other hand, if the GBP/USD pair fails to break through the weekly pivot point level of 1.2903 today, the market will move downwards continuing the development of the bearish trend to the level 1.2768.