GBPUSD is approaching major support, buy on weakness

Price is approaching our major support at 1.3990 (horizontal overlap support, 50%, 76.4% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur above this level, pushing price up to our major resistance at 1.4199 (horizontal swing high resistance, 78.6% Fibonacci retracement). A breakout of our intermediate resistance at 1.4092 (horizontal overlap resistance, 50% Fibonacci retracement) will provide the bullish acceleration to our take profit level.

Stochastic (21,5,3) is also seeing a bullish divergence and is approaching its major support level. A bounce off this level might be a good precursor for a potential rise in price.