- 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.
Trend: Bullish above 1.3106
- R3 1.3162
- R2 1.3137
- R1 1.3093
- PP 1.3068
- S1 1.3024
- S2 1.2999
- S3 1.2955
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