GBPUSD

GBPUSD

GBPUSD dipped below Thursday's low at 1.7097/92 but recovered above 1.7125/20 to show bulls are still in control of any profit taking. If we can hold above here this could allow a retest of the highs at 1.7170/80. We should struggle here being overbought, but on a break higher today we look for 1.7195/00 then 1.7225. Any further gains this week could target 1.7260/65.

Immediate support is 1.7103/1.7098 but below here targets yesterday's low at 1.7181 before support at 1.7065/60. Use this as a short term buying opportunity with a low for the day expected if tested today. However a break lower perhaps later in the week is looking increasingly likely so our longs need stops below 1.7040.