The recent bearish momentum of the GBP/USD has shown signs of weakness since September 5 when an ascending bottom was established around 1.2800
The GBP/USD pair is currently testing the depicted downtrend line which comes to meet the pair around 1.3025-1.3090.
This price zone (1.3025-1.3090) corresponds to 50% and 61.8% Fibonacci levels where evident bearish rejection was supposed to exist there. However, a bullish breakout above 1.3090 is currently being executed.
As long as successful bullish breakout above 1.3090 is maintained, a further bullish advance will occur towards 1.3200, 1.3250 and 1.3315.
On the other hand, any decline below 1.3090 (61.8% Fibo level) will probably invalidate the bullish breakout scenario.
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