GBPUSD is bullish with risk to 1.7000 , Support 1.6730 !

The GBPUSD maintained a bullish momentum 2 days ago , broke above the key resistance 1.6874 .This development leaves the pair targeting the 1.6995 levels , a halt is likely , but a break would open 1.7100 next , further upside will aim the 1.7200 levels.

On the downside , support comes at the 1.6824 levels , a break would open main support at the 1.6730 levels . At this point , I’d expect strong support from the 1.6730 levels to contain fall from 1.6995 levels and bring rally resumption . Losing the 1.6730 on a daily closing basis will reverse risks to the downside towards the 1.6600 levels ahead of the 1.6550 levels.

In all , as long as support 1.6730/1.6824 holds on a daily closing basis , outlook in GBPUSD remains on the upside towards the 1.7000 levels , losing the 1.6730 levels will reverse risks towards the 1.6656/1.6600 levels.

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Comment by Bero on May 23, 2014 at 12:20pm

Thank you Haitham ...Good luck to you too ...:)


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