GBPUSD: Takes Out The 1.6516 Level, Risk Builds On The 1.6603 Level
January 22, 2014 12:37 pm
GBPUSD: With GBP remaining bullish in the medium term and breaking above the 1.6516 level, its Jan 10 2014 high, the risk is for it to recapture the 1.6603 level, its Jan 02’2014 high. Further out, a breach of this level will open the door for additional strength towards the 1.6650 level with a turn above here triggering its medium term uptrend resumption towards the 1.6700 level followed by the 1.6750 level and possibly higher towards the 1.6800 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, on any pullback, support stands at the 1.6516 level and then the 1.6400 level where a break will turn focus to the 1.6350 level and subsequently the 1.6300 level. Further down, support comes in at the 1.6259 level. On the whole, GBP continues to retain its medium term upside bias.
GBPUSD: With GBP remaining bullish in the medium term and breaking above the 1.6516 level, its Jan 10 2014 high, the risk is for it to recapture the 1.6603 level, its Jan 02’2014 high. Further out, a breach of this level will open the door for additional strength towards the 1.6650 level with a turn above here triggering its medium term uptrend resumption towards the 1.6700 level followed by the 1.6750 level and possibly higher towards the 1.6800 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, on any pullback, support stands at the 1.6516 level and then the 1.6400 level where a break will turn focus to the 1.6350 level and subsequently the 1.6300 level. Further down, support comes in at the 1.6259 level. On the whole, GBP continues to retain its medium term upside bias.
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