The GBPUSD appears to be testing the upper boundary of a major Descending Triangle, which typically entails rising bullish momentum. If, however, the price action were to fail to break out above the minor resistance level at 1.4160 at the present moment, this would provide bulls with another opportunity to go long at a discount.
They can wait for another potential dropdown to the 23.6% Fibonacci retracement level at 1.41009 to open a long order. The significance of this major support is further substantiated by the fact that the 200-day MA (in purple) is currently converging with it.
Meanwhile, the 100-day MA (in blue) is presently crossing the upper boundary of the Triangle, which is what could cause such a dropdown over the next several hours. The 100-day MA serves as a floating resistance.
At any rate, the major resistance level at 1.42200 seems like the most probable direction for the upswing.
They can wait for another potential dropdown to the 23.6% Fibonacci retracement level at 1.41009 to open a long order. The significance of this major support is further substantiated by the fact that the 200-day MA (in purple) is currently converging with it.
Meanwhile, the 100-day MA (in blue) is presently crossing the upper boundary of the Triangle, which is what could cause such a dropdown over the next several hours. The 100-day MA serves as a floating resistance.
At any rate, the major resistance level at 1.42200 seems like the most probable direction for the upswing.