GBPUSD

GBPUSD

GBPUSD: Breaking Higher And Triggering Medium Term Uptrend Resumption

GBPUSD - The pair was seen building on its last weak gains in early morning trading today breaking above the 1.6742 level, its YTD high and triggering the resumption of its medium term uptrend on hold since Jun 30’09. Holding on to those gains and closing higher on a daily closing basis today will mean further upside threats towards the 1.7000 level, its psycho level. Above there will expose the 1.7100 level and then the 1.7200 level. This view is clearly supported by its daily, weekly and monthly studies which are bullish and pointing higher suggesting more strength. However, on a pullback from its current price levels, the 1.6742 level will be targeted ahead of the 1.6584 level, its July 23’09 high and subsequently its July 22’09 low at 1.6308.
Further down, the 1.6034 level, its July 13’09 low and its July 08’09 low at 1.5984 come in as next supports. Its MT rising trendline also provides a strong upside case medium term. All in all, having retargeted the 1.6742 level and triggered its medium term uptrend, further upside momentum is now expected.