According to the last few GBP Reports we see that the long contracts are starting to regain momentum. This will most likely lead to a move towards the upper-monthly trendline near 1.35000.
1. On the monthly timeframe we can see that price got strong support from the monthly critical after it rejected the break-attempt in March. 2. On the weekly timeframe we can notice that 1.32700 can be an area where we see strong sell pressure. 3. On the daily timeframe we have a new daily critical area near 1.26000 which can play the role as a correction, where we can expect buy pressure to kick in. 4. On the 4H timeframe we have a new critical area at the 1.27000 mark.
With this information we have 2 possible scenarios: 1. Price doing a correction and receiving support from the 4H critical area near 1.27000. Then it will go towards the 1.35000 area. 2. Price doing a correction and receiving support from the daily critical area near 1.26000. Then it will go towards the 1.35000.