The GBP/USD has edged higher in the last two days and have jumped
above a medium term dynamic resistance, the price has decreased a little today,
but the perspective remains bullish on the short term, the pair needs to  consolidate here to be able to resume the
upward movement. The Pound has managed to appreciate versus all its
counterparts in the last period, the Cable is strongly bullish right now, but
remains to see how will react after the Brexit referendum, there are many
speculations regarding this referendum, we’ll have to be patient till June 23
when the British will decide if will stay in or will leave the European Union.

The GBP/USD has decreased a little in the last few hours, the USD has
posted humble gains after the US data was released, the Unemployment Claims
have decreased from 278K to 268K in the last week, have decreased much below
the 275K estimate, the initial claims continue to decrease again. The Durable
Goods Orders rose by 3.4% in April, the indicator has beaten the 0.3% estimate,
while the Core Durable Goods Orders have increased by 0.4%, exceeding the 0.3%

The greenback remains muted on the huge Pending Home Sales growth,
the economic indicator has increased by 5.1%, much more compared to the 0.6%
estimate, the USDX has increased a little after the positive data were released,
maybe the USD was too overbought to be able to stay higher. The United Kingdom
data has come mixed today, the Second Estimate GDP has increased by 0.4%,
matching expectations, while the Prelim Business Investment has dropped
unexpectedly by 0.5%, even if the estimate was 3.2%.

The price has continued to increase inside the short ascending pitchfork,
has finally managed to break above the upper median line (UML) of the medium
term descending pitchfork, the pair has 
jumped also above the 1.4669 level, but now is retesting this level, the
pair could resume the upward movement if will remains above this level, however
the perspective is bullish as long as the price continues to trade inside the
ascending pitchfork’s body, could come to retest the broken upper median line
of the descending pitchfork  before will
jump much higher.

Remains to see what will happen in the coming period bacasue the
price could find strong resistance at the sliding parallel line (descending line
from above the UML), the pair needs to ignore this dynamic resistance if he
wants to climb toward the median line (ml) of the ascending pitchfork.

You can see on the H4 chart that the price has decreased below the
1.4669 level, looks like that the price is too exhausted to stay higher, the
pair has failed to reach and to retest the 1.4769 horizontal resistance and now
could drop toward the upper median line of the Daily descending pitchfork. The
current retreat could be only temporary and the price could resume the bullish
movement. A broader retreat could come only if the price will fall below the
confluence area formed at the intersection of the upper median line (UML) with the
lower median line (lml).

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