GBP/USD - Is Everything Is Lining Up For A Bullish Run?
A good start to GBP/USD early this week, with the help of strong GBP Services PMI numbers being released this morning. This better than expected news also lined up technically with our 61.8 FIB level, after a short pullback yesterday evening.
Currently, the pair's momentum has slowed down as it stays around 1.33500, with some indecision for the past two hours. This slow down most likely caused by positive USD data from non- manufacturing PMI figures.
On a higher time frame, this pair is looking bullish, with a recent bounce also from our daily support at 1.33100. Once stepping back, you can see a clear new trend also forming with higher-high’s and higher-lows potentially being the start of a large bull run. Medium term target remains at 1.35000 for now.
With no further pound releases for the rest of this week, can the strong support levels of 1.33100 and a weekly of 1.32500 maintain themselves and help push this pair higher.