The price has jumped much above the upper median line of the medium term descending pitchfork, right now is challenging the 1.4669 horizontal resistance, the current rebound was expected after the price has found strong demand right above the 1.4076 static support, the 50% Fibonacci line (descending dotted line), the pair could resume the upward movement if will stabilize again inside the ascending pitchfork’s body, you can see that the rate is trading above the lower median line of the ascending pitchfork. The price needs to take out the 1.4769 horizontal support if he wants to reach fresh new highs, the major upside target remains at the median line of the ascending pitchfork. The GBP/USD could reach the 1.4769 level very soon as the price remains strongly bullish, the buyers are determined to drag the price much higher on the short term, remains to see how the price will react when will touch the mentioned resistance. The GBP/USD could start a broader upward movement if will have enough energy to stabilize above the 1.4769 level, could increase further inside the ascending pitchfork, between the lower median line and the median line, we’ll have to wait for a confirmation right now because we could have another false breakout again, you can see that the pair has failed to consolidate above the upper median line in the last several attempts.

Personally, I’m waiting for the lower median line (lml) retest before will resume the bullish momentum, a rejection here followed by a drop below the lower median line could attract more sellers, which could lead the rate toward the sliding parallel line and to the broken upper median line (UML). As you can see on the H4 chart, the rate has registered an amazing increase after has reached and retested the confluence area formed at the intersection of the first warning line (wl1) of the ascending pitchfork with the 50% Fibonacci line (descending dotted line), the price needs to consolidate here to recapture energy, because will be very hard to jump above the major static resistance from 1.4769 level.