FX.co ★ GBPUSD bullish scenario for next few weeks.

GBPUSD is positive for the fourth consecutive day. GBPUSD has retraced almost 61.8% of the entire decline from January highs. The 1.36 level is key Fibonacci resistance. If bulls manage to break above this level and stay above it, another higher target will then be available.

Red lines - Fibonacci extension

If GBPUSD has formed a higher low at 1.3356, we could see over the coming weeks a move higher towards 1.3935 and why not 1.4290. As we mentioned above, the first important resistance is at 1.36. Next we find the black resistance trend line at 1.37. Breaking above 1.37 will confirm that we are heading towards 1.3935 at least.