GBPUSD Bullish Break of 1.6507 would open 1.6618

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The GBPUSD maintained some bearish momentum yesterday, topped at the 1.6507 levels and bottomed at 1.6346, now the pressure will be on the 1.6507 levels. The GBPUSD will have to hold above the 1.6507 levels on a daily closing basis to resume its last upside offensive, If seen, It will target the 1.6618 levels, where a breach will turn the focus on the 1.6745 levels.

On the downside, a failure to hold above the 1.6507 levels on a daily basis could mean a return to the 1.6346 levels, a halt is suggested, but If 1.6346 fails on a daily basis, expect the market to weaken further towards the 1.6215 ahead of 1.6117 levels.

Overall, the GBPUSD will remain biased to the upside with risk towards 1.6507 ahead of 1.6618 levels as long as 1.6346 holds on a daily closing basis, losing 1.6346 will reverse risks to the downside towards 1.6215 ahead of 1.6117 levels.





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