GBPUSD: Climbs Above Key Resistance Level.

GBPUSD: Having rallied through the 1.5410 level, its April 11’2013 high on Thursday, further upside offensive is likely towards 1.5450 level. On a break and hold above here resistance resides at the 1.5500 level where a violation will call for a run at the 1.5550. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive.

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