The GBP/USD pair could register a broader growth if it validates its breakout above the near-term upside obstacles. Stabilizing above the 38.1% retracement level may bring new long opportunities. The ascending pitchfork’s median line (ML) represents strong dynamic support. Ā The GBP/USD price rallied today, and it seems determined to extend its rebound. The pair is trading at a 1.3260 level around the intraday highs. The currency pair edged higher as the Dollar Index plunged. –Are you interested in learning more about STP brokers? Check our detailed guide- The price was expected to rebound and recover in the short term after its amazing sell-off. Still, the throwback was expected to be only a temporary one. The price action signaled that we may have a larger bullish movement after jumping above strong resistance levels. However, an upwards continuation needs confirmation, and the GBP/USD pair continues to pressure near-term upside obstacles. Fundamentally, the UK economic data came in mixed today. The CBI Industrial Order Expectations was reported at 26 points above 16 points estimated versus 20 points in the previous reporting period. The Public Sector Net Borrowing came in at 12.3B versus 8.5B. Later, the Richmond Manufacturing Index is expected to grow from 1 to 2 points. The volatility could be high tomorrow as the United Kingdom releases its inflation figures. The CPI is expected at 6.0% in February versus 5.5% in the previous reporting period. Meanwhile, the Core CPI could be reported at 5.0% in the last month versus 4.4% in January. In addition, BOE Gov Bailey Speaks, UK Annual Budget Release, and Fed Chair Powell Speaks could shake the markets. Get FREE Forex Signals Now! GBP/USD price technical analysis: Bulls break 1.3200 The GBP/USD pair tested the ascending pitchfork’s median line (ML), representing dynamic support. The price registered only false breakdowns signaling strong upside pressure. It has stabilized also above the 1.3129 weekly pivot point and above the 23.6% retracement level indicating strong buyers. –Are you interested in learning more about forex bonuses? Check our detailed guide- It challenges the ascending pitchfork’s upper median line (UML) and the 38.2% retracement level. However, a valid breakout may announce an upside continuation. This scenario could bring new long opportunities as well. Technically, the aggressive breakout through the 1.3160 – 1.3194 indicates that we may have a bullish reversal in the short term. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next EUR/USD Price Analysis: Recovery Limited Around 1.1050, Eying Powell Saqib Iqbal 2 months The GBP/USD pair could register a broader growth if it validates its breakout above the near-term upside obstacles. Stabilizing above the 38.1% retracement level may bring new long opportunities. The ascending pitchfork's median line (ML) represents strong dynamic support. Ā The GBP/USD price rallied today, and it seems determined to extend its rebound. The pair is trading at a 1.3260 level around the intraday highs. The currency pair edged higher as the Dollar Index plunged. -Are you interested in learning more about STP brokers? Check our detailed guide- The price was expected to rebound and recover in the short term after… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.