GBP/USD dropped a little reaching the 1.3875 level. The outlook is still bullish, the price could resume its growth anytime as long as it stays above the uptrend line. Technically, a temporary decline was somehow expected after its last significant growth. The GBP/USD is traded at 1.3833 and it's located within an uptrend.
The current decline could help us to catch new upside movements. Technically, the upside scenario could be invalidated only by a drop and stabilization below the uptrend line.
Trading Conclusion!
GBP/USD could resume its upside movement, growth, as long as it stays above the uptrend line. The 1.3900 is still seen as an upside target. The price could approach and reach this level as long as it stays within the current uptrend.
The uptrend line retest could help the buyers to buy GBP/USD again. The Stop Loss should be placed somewhere below the uptrend line.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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