GBPUSD is approaching first support at 1.3997 (horizontal pullback support, 23.6% Fibonacci retracement, 100% Fibonacci extension). A strong reaction could occur at this level, pushing price up to our second resistance at 1.4148 (76.4% Fibonacci retracement, horizontal swing high resistance). A breakout of our first resistance at 1.407 would provide a further bullish signal.
RSI (55) is also approaching our major descending resistance line at 62% and we are also seeing a squeeze. A corresponding rise in price might occur should it breaks out of this level.
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