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03.08.2021 10:26 PMGBP/USD has decreased a little in the short term but it is likely to be a temporary decline. Technically, a temporary decline was somehow expected after the most recent rally. The pair has come back down to test and retest immediate support before jumping higher again.
It's very important to understand what will really happen with the US Dollar Index in the short term. its drop after the current rebound could force the US dollar to decline versus its rivals. USD is still under pressure even if the US Factory Orders have increased by 1.5% versus 1.0% expected.
Tomorrow, the US ADP Non-Farm Employment Change and the ISM Services PMI could bring a clear direction ahead of the US NFP.
The price is located right below the ascending pitchfork's upper median line (UML). It has found support on the weekly pivot point 1.3875 level. A valid breakout above the upper median line (UML) could really signal further growth.
Technically, only a new lower low, a drop below 1.3873, may signal a deeper decline and could invalidate the upside scenario.
A further decline will be activated by a drop and stabilization below the 1.3873 level.
On the other hand, a new higher high, closing above 1.3938 could signal further growth towards 1.40 and 1.41 levels.
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