Medium Term Technical Outlook: GBPUSD

GBPUSD: Bullish, Eyes Further Upside.

GBPUSD: With a two-day (clearly seen on the daily chart) rally seeing the pair extending its recovery from the 1.6078 level, there is risk of further upside in the days ahead. This will leave the pair aiming at the 1.6306 level with a cut through here allowing for more upside towards the 1.6350 level. Above here will call for a run at the 1.6400 level and then the 1.6500 level. Its weekly RSI are bullish and pointing higher suggesting further upside. On the downside, support lies at the 1.6100 level where a violation will call for a run at the 1.6000 level and next 1.5900 level. Further down, the 1.5827 level comes in as the next downside followed by the 1.5774/78 levels. On the whole, GBP continues to hold on to its upside bias in the medium.

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