The GBP/USD continues rallying

The rally on the GBP/USD continues and it is getting closer to the 1.3000 level as shown on the daily chart. However, we must keep in mind that on the 1.3000 level we also have the 55 week EMA, which may contribute to making that zone a good resistance area from where the price may bounce to the downside. The bullish trend is gaining strength as shown by the angle of inclination of the 55 day EMA (purple line). There is a high probability of seeing a visit of the GBP/USD to the 1.3000 level during next week, but we must also be attentive to a bearish bounce from that level, because it could give us an opportunity to open a position. On the other hand, if the pair breaks above the 1.3000 level, then it may try to go and visit the 1.3100 zone. To the downside, in case of a bearish pullback, the most relevant support levels are the 1.2800 zone and the 1.2700 zone.