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GBP/USD breakout needs confirmation

The GBP/USD pair dropped a little only because the DXY has rebounded in the last hours. Still, the price maintains a bullish outlook, so the retreat could be over anytime. Technically, a retreat was somehow expected after the most recent rally.

The greenback has increased a little after the US Unemployment Claims come in better than expected. It has dropped unexpectedly lower, from 329K to 293K far below 315K expected. Still, the Dollar Index maintains a bearish bias despite the current rebound. Most likely, the DXY increased only to test and retest the immediate resistance levels before dropping again.

After the PPI and Core PPI have come in worse than expected, the USD is still weak and it could lose more ground versus its rivals.

GBP/USD temporary retreat

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GBP/USD failed to stabilize above the weekly R2 (1.3726) level signaling that the buyers are exhausted in the short term. At the moment of writing, it was trading at 1.3689 level below the Ascending Pitchfork's median line (ML).

It could test and retest the support levels of 1.3668 and 1.3647 before resuming its growth. Also, failing to reach these downside obstacles and coming back and stabilizing above the median line (ML) could announce an upside continuation.

GBP/USD forecast

Jumping, closing, and stabilizing above the weekly R2 (1.3726) could be seen as a buying opportunity with a first upside target at the weekly R3 (1.3794).

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