GBP/USD (a 4-hour chart)
While the recovery of the cable looks quite constructively, only push above 1.6325/37/79 will really break the long-term downtrend, Thomas Anthonj said. To resume the reduction of support it is necessary to break below the 38.2% retracement at different scales at 1.5883 and 1.5758 on.
GBP is in an upward short and medium-term trend. The trend has been very strong over the past few months, the market is happy to buy GBP, better than the other major currencies. Bulls continue to dominate and GBP may well gain even 150/250 points.
The current buy signal is strong and confirmed, as Chinkou Span is above the price and the price broke the Ichimoku cloud. The Kijun -Sen and Tenkan -Sen are crossed in a "golden cross" on a daily chart. Both trend lines are growing parallel to each other. The cloud is growing.
Bollinger Bands shows an upward movement. The bands are widening and going up. We should consider a long position.
The MACD histogram is growing.
Today's trading session will be held near the 1.6270 mark with possible retest of 1.6330.
The first potential target after updating the previous upward wave is 1.5750.