Overview
The GBP/USD pair confirmed successfully that the 1.2890 level had been breached after closing the daily candlestick above it. This which reinforces the likelihood of a further rise in the short term. The above-mentioned level represents 61.8% Fibonacci correction for the decline from 1.3443 to 1.1997, which means that the way is open to head towards 1.3100 in the short run. Therefore, the bullish trend will remain expected on the intraday- and short-term basis. Please note that breaking 1.2890 will push the price to decline towards 1.2720 before any new positive attempt. The expected trading range for today is between 1.2840 support and 1.3020 resistance.
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