On the daily chart the GBPUSD has been retracing following the rise to 21-month high in the end of January. The price has breached above the resistance line.
The Donchian channel signals uptrend, it is tilted up.
The MACD indicator is above the signal line and the gap is widening, which is a bullish signal.
I believe the bullish movement will continue after the price breaches above the upper Donchian boundary at 1.3995. A price above that level can be used as an entry point for a pending order to buy. The stop loss can be placed below the fractal low at 1.3780. After placing the pending order the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the break-even point. If the price meets the stop-loss level (1.3780) without reaching the order (1.3995) we recommend cancelling the order: the market sustains internal changes which were not taken into account.
Technical Analysis Summary
Position Buy
Buy stop Above 1.3995
Stop loss Below 1.3780