GBPUSD – After Friday’s indecisive day (inside bar) GBPUSD did manage to post mild gains yesterday and some follow through bullish momentum has been posted overnight. Our medium term bias remains bullish and we look for a break of the 1.5750 resistance area soon. Any downside corrections should attract buyers and, although signals are far from strong, the immediate outlook is positive. Our call today is a Cautious Bullish above 1.5700.
The profit targets are 1.5750, triangle top. A break here and we open the way for 1.5778 and towards 1.5801.
The risk however would be with selling through a stop of 1.5700, below yesterday’s Point of Control.