GBPUSD: Growth or Correction?

GBPUSD, H4

On the H4, GBPUSD has formed an ascending channel in a short-term bullish trend. The price has reached the critical resistance at 161.8 Fibonacci and is testing the upper Bollinger line. At the same time, a divergence has formed on the RSI.

• If bulls push the price above the resistance of 1.3390, the growth will be up to 1.3570, coinciding with 238.2 Fibonacci;

• A rebound and break of the lower trendline will start the correction to 1.3240;