GBP/USD pattern show to us cup with handle pattern is forming a bullish pattern. It could reach new high level at 1.5780-1.5840 and even to 1.5970. It is likely to find resistance at the level of 1.5680 and 1.5720.
The short-term outlook remains bullish because GBP/USD is still trading above the black strap located in 1.52 area support level, in the bigger picture, price actions from 1.3503 (2009 low) are treated as consolidations long term down trend from 2.1161 and should have completed at 1.7190. Fall from there should now target a new low below 1.3503 (2009 low). Subsequent price actions could turn.
A cup with handle consists of two approximately rounded bottoms, the low of the cup must be less than 50% of the previous price movement and the low of the handle must be less than 50% of the cup height. The pattern's highs should be aligned along a horizontal resistance line. The exit is confirmed when price breaks through the resistance line, and in 74% of cases, it is followed by a throwback. It appears most often after a rise in forex prices.