GBPUSD Daily Forecast Mar 07 2014


The GBPUSD continued its bullish momentum yesterday , bottomed at the 1.6685 levels . This development leaves the pair targeting the 1.6820 levels where a breach is likely , If seen , next resistance will be the 1.6920 levels , a halt could be seen , but break of 1.6920 will turn focus on the 1.7100 levels , further out will aim the 1.7300 levels.

On the downside , support comes at the 1.6685 levels , stability above this level will keep the bullish momentum intact , losing the 1.6685 on a daily closing basis should weaken/ delay the current bullish run and open 1.6582 levels before the next possible rise, sustained trading below the 1.6582 levels will pave the way towards the 1.6425 levels.

In all , as long as support 1.6685 holds on a daily basis , the GBPUSD will remain based to the upside towards the 1.6820/1.6920 levels . Losing the 1.6885 levels on a daily basis would reverse risks towards the 1.6582 before the next possible rise.


GBPUSD Daily Forecast Mar 07 2014