GBPUSD approaching support, potential rise!

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             is approaching our first support at 1.4126 (horizontal overlap support, breakout level) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance level at 1.4281 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension , Elliot wave structure). A breakout of our intermediate resistance at 1.4218 (78.6% Fibonacci retracement , horizontal swing high resistance, 61.8% Fibonacci extension ) might provide the bullish acceleration to our major resistance level .

RSI (55) is also approaching our support at 54%, a good precursor of a potential rise in price should it bounce off this level.

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This analysis is provided as general market commentary and does not constitute investment advice.
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