GBPUSD approaching support, potential rise!

GBPUSD is approaching our first support at 1.4126 (horizontal overlap support, breakout level) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance level at 1.4281 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A breakout of our intermediate resistance at 1.4218 (78.6% Fibonacci retracement, horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.

RSI (55) is also approaching our support at 54%, a good precursor of a potential rise in price should it bounce off this level.

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