According to Masterforex-V Academy, the mid-term trend of GBPUSD is still bullish. At this point, the experts consider 1.6291 as the starting point for the entire upward movement. This is the end of wave B Daily1. Consequently, the price is currently forming wave aC/C of level Daily 1 form the point. The upswing is a part of a bigger-scale move of level Weekly (started at 1,5853).
At this point, the sloping channel built through 1,5853 and 1.6291 and the defensive pivot at 1.6294 are still actual. The price has consolidated above a major resistance level and above the top of the sloping channel built through 1,7041/1,6738.
The price is likely to continue the uptrend. The upward targets can be calculated with the help of the Fibo grid built on top of a level of MN1 level (2,1160 - 1,3503).
The price have broken above 112% of the Fibo grid of wave A W1 (1.4812-1.6255) as well as 1.6428 or 38% of the Fibo retracement grid of level MN1.
The closest targets are 1,6595/1,6630 = 123% АW1 + 112% АД1(1.5853-1,6441).
