GBPUSD approaching support level, potential upcoming bounce!

GBPUSD is testing our ascending support level and approaching our support level at 1.3861 (Horizontal overlap support, 76.4% Fibonacci retracement level). A strong bounce could occur at this level, pushing price up to the next resistance level at 1.3992 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Surpassing this level, we could see an even further rise potentially up to 1.4067 resistance (Fibonacci extension, horizontal swing high resistance, 76.4% fibonacci retracement).

Stochastic (34,5,3) is seeing strong support above 4.9% where a corresponding bounce could occur.