The GBP/USD increased today and looks determined to resume the bullish movement, I’ve said in the yesterday’s article that we may see a minor consolidation here because the price need to recapture more directional energy before will jump much higher. Is still bullish because the dollar index remains under pressure, the index has failed to close above the 99.84 static resistance and now is trading in the red again.

The Cable could appreciate significantly versus its rivals if the United Kingdom data will come better later, the US is to release some important numbers later, so the fundamental factors could take the lead, will be better to keep an eye on the economic calendar to see what will move the price in the afternoon.

The United Kingdom Retail Sales report will be released by the Office by National Statistics, the economic indicator is expected to drop by 0.3% in March, could decrease again after the 1.4% growth in the previous reading period. The Pound will take a serious hit if the retail sales will drop more than expected, but a positive data will boost the currency.

Price has rallied aggressively in this week, right now is trying to consolidate the latest gains, is located above the 1.2798 broken static resistance and could climb much higher if the dollar will remain sluggish on the short term. I’ve said in my previous analyze that he could come to test and retest the lower median line (lml) of the ascending pitchfork before will try to approach the upper median line (UML) of the major descending pitchfork.

The sentiment has changed on the short term when the rate has managed to jump above the median line (ML) of the descending pitchfork, so a further increase is favored despite a minor retreat. Personally, I believe that only the fundamental factors could drive the rate down again at this moment. We have another important upside target also at the median line (ml) of the ascending pitchfork, could be attracted by this level in the upcoming weeks.