The bulls take the reins on the longer-term trajectory towards the 1.38 level

  • GBP / USD bulls are in the driver’s seat in a long-term analysis.
  • The highest volume nodes are in the 1.3820 / 30 area.

GBP / USD price analysis: Bulls looking for a daily extension of 1.3750, the pair has made its way to the target.

Previous analysis, monthly and daily charts

Low volume nodes point to a continuation

The bullish move could be part of an even deeper move toward resistance predicted in the following December analysis:

GBP Price Analysis: A Breakout Of Critical 1.3514 Exposes Low Volume Nodes To 1.3820

Current 4 hour chart

Meanwhile, price is trapped, as shown in the daily chart above, between key support and resistance as it rises along the dynamic trend line support.

Support is strengthened by the 21 moving average and the MACD is bullish while above zero, which leaves a bullish bias.

A bullish continuation may point to a Fibonacci retracement level of -0.618% from the last bullish momentum on the daily chart at 1.3833 as the pair moves towards higher volume nodes.

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