GBP/USD Technical Analysis: Mildly bid, break above 1.3106 could invite buying pressure

GBP/USD is currently trading at session highs near 1.3065, having hit a low of 1.3032 in Asia. Despite the recovery, the short-term outlook remains neutral, as the pair is still trapped in a falling wedge - a bullish reversal pattern.
A daily close above the wedge resistance, currently at 1.3106, would confirm the bullish reversal and open the doors to re-test of the previous month's highs near 1.3380.
The bull breakout looks likely as the demand for GBP put options (bearish bets) has dropped sharply this month.
That said, the prospects of bull breakout would weaken if the spot finds acceptance below the March 29 low of 1.2967.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bullish above 1.3106

Pivot points

1. R3 1.3162
2. R2 1.3137
3. R1 1.3093
PP 1.3068
1. S1 1.3024
2. S2 1.2999
3. S3 1.2955

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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