The GBPUSD maintained a strong bullish momentum yesterday ,topped at the 1.6930 levels and printed support at the 1.6783 levels .This development leaves the pair targeting the 1.6995 levels , a halt is likely , but a break would open 1.7075 next , further upside will aim the 1.7175 levels.
On the downside , support comes at the 1.6845 levels ahead of 1.6783 ( main) , stability above support levels will keep the bullish momentum intact , however ; losing the 1.6783 levels on a daily closing basis will reverse risks towards the 1.6737/1.6692 levels , before the next possible rise. Losing the 1.6992 will open 1.6600/1.6458 levels…
In all , as long as support 1.6783 holds on a daily closing basis , outlook in GBPUSD remains on the upside towards the 1.6995 levels ahead of the 1.7075 levels .Below 1.6783 will reverse risks towards the 1.6737/1.6992 levels…….
Note that stability above the 1.6930 on a daily closing basis will make the pair very bullish , If seen we have 2 options :
1- 1.6930 will serve as support ( buy on dips ), sudden rise couldn’t be ruled out towards 1.7075 levels and possible higher towards 1.7175…..
2. If 1.6930 fails on a daily basis . outlook will turn from bullish to neutral for retesting the 1.6845/1.6692 levels before the next rise …
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