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GBP/USD Can Buyers Take It Higher?

GBP/USD stands at 1.3763 below 1.3787 today's high. It has slipped lower only because the Dollar Index has managed to recover after today's sell-off. The pair has registered an amazing rally and it seems that the upside movement is far from being confirmed.

The US data has disappointed earlier today, so the pair could resume its growth. The US Unemployment Claims increased unexpectedly to 419K from 368K, even if the specialists have expected a drop to 350K jobs in the previous week.

Tomorrow, the UK retail sales, manufacturing, and services data could help the Pound to resume its growth. The US is to release its manufacturing and services data as well.

GBP/USD Ignored DXY's Rebound!

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GBP/USD has managed to jump above the ascending pitchfork's median line (ML) and now is almost to reach the second warning line (wl2) of the descending pitchfork. Consolidating here and taking out the resistance represented by the warning line (wl2) could validate more gains.

Stabilizing above the median line (ML) could really signal a potential upside movement towards the ascending pitchfork's upper median line (UML).

Conclusion!

Jumping and consolidating above the second warning line (wl2) could confirm further growth towards the upper median line (UML).

The material has been provided by InstaForex Company - www.instaforex.com