GBP/USD continues to rise after the recent reversal from the support zone surrounding the support level 1.6700. This support zone was strengthened by 50% Fibonacci Correction of the earlier minor upward impulse wave (i), the lower daily Bollinger Band and the support trendline of the latest down channel from the start of May (as you can see from the daily GBP/USD chart below).
The pair is currently trading close to the upper resistance trendline of the aforementioned down channel. If it breaks above this resistance trendline – it can rise further to the next buy target at 1.6900 – followed by 1.7000.
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