FX.co ★ GBPUSD approaches our 1st target.

GBPUSD is trading around 1.3332 after making a high close to 1.3372. We have increased chances that the downward trend is over and GBPUSD is now changing its short-term trend to bullish. The signals for such a reversal were pointed out in a previous analysis.

Blue lines- bullish divergence

Black lines - Fibonacci retracements

GBPUSD is moving higher after making a major low around 1.3171. The key support and previous low of 1.3170 was respected. Price broke to new higher highs in the near term. Our target remains at the 38% Fibonacci retracement around 1.3415, although I believe there is potential for more upside. GBPUSD bulls are in control of the short-term trend.