GBPUSD bounce off the strong support
GBPUSD is bouncing off the strong support of 1.3550. A confirmed continuation above this level will give us a higher probability of the long trade entries to target 1.4. A rejection here and a break below 1.3500 is now required for the downside reversal and a larger pullback. The overall medium-term is uptrend but we need to see a confirmed continuation above 1.3650 for an extension higher. A bounce off this support and a continuation higher would mean that GBPUSD will continue higher targeting 1.4000.
Note – We are inclined to long trade entries with the stop loss below 1.3500.
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