GBPUSD: Hesitates But Still Retains Broader Upside.
GBPUSD - The pair may have run into bears and closed marginally higher on Wednesday but it continues to maintain its upside bias. As long as it holds above the 1.6172/77 level, its broader upside view remains valid. This will leave the pair targeting the 1.6308 level where a violation will call for a run at the 1.6350 level. Further out, the 1.6400 level comes in as the next upside target. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.6215 level Oct 05’2012 high followed the 1.6171 level where a reversal of roles could occur and turn GBP back up.
However, if this fails further decline will shape up towards the 1.6100 level where a violation will call for a run at the 1.6000 level and then 1.5900 level followed by the 1.5827 level. On the whole, GBP continues to hold on to its bullish bias with eyes on further upside