GBPUSD: Rejection expected around 1.2650 and then long term buy
The GBPUSD pair crossed over the Resistance level that was in place since December 14th with the 1D technicals displaying healthy bullish numbers (RSI = 65.308, MACD = 0.009, ADX = 28.394). The 1D RSI is rebounding on the former LH trendline and this is an indication that the current rise can extend more. The R1 Zone is the next Resistance and is where we expect (around 1.2650) to make the final pullback to the 1D MA50 and Fibonacci 0.5 level before it rebounds to R2 for our long term target (TP = 1.3090). If the price crosses over the dashed line first, then the pullback is negated and we can see 1.3090 earlier than expected.
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