GBPUSD Daily Forecast May 01 2014

The GBPUSD continued its bullish momentum yesterday , printed support at the 1.6806  levels . This development leaves the pair targeting the 1.7000 levels , a halt is likely , but a breach would open 1.7175 next , further upside will aim the 1.7350 levels.

On the downside , support comes at the 1.6847  levels  ahead of  1.6806 ( main ) , stability above support levels will keep the bullish momentum intact , however ; losing the the 1.6806 levels on a daily closing basis will turn outlook neutral for retesting the 1.6720/1.6765  levels before the next possible rise.

In all , as long as support 1.6806  holds on a daily closing basis , outlook in GBPUSD  remains on the upside towards the 1.7000  levels ahead of the 1.7175  levels , below 1.6806 will reverse risks towards the 1.6720/1.6765  levels.


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Tags: GBPUSD

Comment by Madeen on May 1, 2014 at 8:51am
Would u recommend to open a new buy position at 1.69.

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