After rebound on January from 6-years low, GBPUSD continues upward movement. Since two weeks it moves in bullish regression channel. Before new uptrend impulse occurs, it is likely that price will move to the lower limit of that channel (area 1.4200). Further upward movement should be continued – current rebound didn’t reach even a basic Fibonacci 38,2% level (area 1.4520) of previous downward movement. Nearest important resistance is located at 1.4600, if demand breaks it, next target will be at 1.4850. It should be noted that previous analysis GBPUSD gave 150 pips profit, I wrote: “today price returned above 1.4250 and nearest target for upward movement is 1.4400”.

Time-frame H4:
GBPUSD-H4

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