Technical analysis for the GBP/USD, the pair closed the week with a bullish engulfing candle on the weekly chart, breaking above the previous daily high, resuming the bullish trend. The first target of the breakout on the daily chart is the 1.272 FIB extension at 1.4235, which is close to the previous high. The second target of the daily bullish trend is at 1.618 FIB extension at 1.4355, the third target is the 1.618 FIB extension of the weekly bullish trend at 1.4525. However, we must note that we need to see the GBP/USD break above 1.4017 to confirm this bullish outlook.
To the downside, 1.3800 is now key support for the GBP/USD pair, if the price break below it, it will send the pair lower or in consolidation.