05.04.202214:13 Forex Analysis & Reviews: Trading plan for GBPUSD for April 05, 2022

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Technical outlook:

GBPUSD is preparing to stage an impressive rally towards 1.3500 and 1.3750 levels in the next few trading sessions. A push above 1.3300 interim resistance will accelerate and confirm further upside. Bulls will remain poised to hold prices above 1.3000 handle to keep the immediate bullish structure intact.

GBPUSD has carved a recent upswing between 1.3000 and 1.3300 levels as seen on th 4H chart here. Prices have also retraced through the Fibonacci 0.786 levels around 1.3060 mark producing a bullish bounce (Engulfing bullish candlestick pattern). If the above structure holds well, prices would resume higher anytime soon and push through 1.3450 resistance.

GBPUSD bulls will be considered to be back on control on a break above 1.3450. It will open open the door to further upside towards 1.3750, which is the next in-line resistance on the chart here. Only a break below 1.3000 interim support will delay matters further as bears might gain upper hand over the short term.

Trading plan:

Potential rally through 1.3500 and 1.3700 against 1.3000

Good luck!

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