FX.co ★ GBP/USD Is Still A Buy!

GBP/USD has decreased a little, but the decline could be only a temporary one. It has found temporary resistance and now it could test and retest the immediate downside obstacles before jumping higher.

The US ISM Services PMI could shake the markets and the price later today. The economic indicator is expected at 63.4 below 64.0 points. The Final Services will be released as well. Positive figures could help the greenback to jump higher again.

GBP/USD Temporary Decline!

GBP/USD is trading at 1.3853 level and it was almost to reach and test the weekly pivot point (1.3831) after finding strong resistance at the 150% Fibonacci line. Making a valid breakout through the 150% line could signal further growth towards the first warning line (wl1).

Technically, the pair is somehow expected to resume its growth after failing to approach and reach the descending pitchfork's median line (ml). The upside scenario could be invalidated only by a potential drop below the descending pitchfork's upper median line (uml).

Outlook!

We may have a new long opportunity if the pair jumps and closes above 1.3897 today's high. 1.4 psychological level is seen as an upside target.