FX.co ★ GBP/USD Momentum Gaining Strenght!

GBP/USD bullish run seems strong enough to take out the immediate upside obstacles and to reach new highs. It's traded at 1.3288 level, above 1.3284 former high confirming the bullish scenario.

The pound takes full control and aims for the 1.3400 psychological level. USD loses ground as USDX plunges again after another failure to come back to 93.81 static resistance.

GBP/USD passed above 1.3267 static resistance signaling further growth. If you remember what I've said in the past weeks, GBP/USD should approach and reach the 350% Fibonacci line after making a valid breakout above the second warning line (WL2).

The price has confirmed the breakout with the last bullish candles, so the next major upside target stands at the 350% Fibonacci. Only a valid breakout above it will confirm an extension to the upside 50% Fibonacci line.

• GBP/USD Trading Tips

Long at 1.3300 level with target at the R3 (1.3423) level. The current breakout above the inside sliding line (SL) of the major ascending pitchfork suggests buying and the 50% Fibonacci line is seen as an achievable target.