GBP/USD bounces into short term resistance (1)

The GBP/USD currency pair suffered a sharp sell-off from the 1st of September ‘20, after topping out at 13482.6. The pair met with multi-month trendline support early on during this mornings session, which has managed to hold, causing the pair to bounce into short term resistance (38.2 Fib) at (1).

The overall trajectory from the March lows is ascending. If the bulls can manage to breach this short term resistance level (13015.1) we can expect to see increased buying pressure into the close of this week. Below the ascending trendline negates this bullish outlook.