The Reasoning Behind a Bullish Push Toward 1.33868
1.322 has been a strong support point. It held three times very nicely, if this rebound continues we can start perceiving the motive as being more bullish and each target should be set to higher prices as we go.
You will see two vertical lines on this chart, the one from 4/26 and 5/2 - they were the points where I was going to draw the retracement, but I decided to go with the more recent 5/2/2018 at 1.36537.
We are looking for a price range in which to sell again. So here are the two scenarios: it hits the 38.2% retracement at 1.33866 and quickly backs off. The other is that GBP/USD hits the 50% retracement and it goes to 1.34384
These measurements are far distances away and should that happen we would think about price coming into some trouble. The first long position was taken at 1.3240
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