GBP/USD Forecast: price to test the next resistance

The price has been rising since the last bullish ‘Thorn’ formed. The main intraday target is the next resistance at 1.2814, so we could have a new local high soon. However, if a pullback from this level happens little later on, bears will probably try to test the nearest support at 1.2738 – 1.2695.

There’s a local consolidation right above the broken downtrend line. It’s likely that the pair is going to test the closest support at 1.2732 – 1.2718 during the day. The subsequent pullback from this area could lead to an upward price movement towards another resistance at 1.2814 – 1.2839.