GBPUSD Daily Forecast May 07 2014


The GBPUSD continued its  bullish momentum yesterday , printed support at the 1.6863 levels . This development leaves the pair targeting the 1.7045 levels where a breach is very likely , If seen , It will target 1.7140 next , further upside will aim the 1.7230 levels.

On the downside , support comes at the 1.6918 levels ahead of 1.6863 ( main) , stability above support levels will keep the bullish momentum intact , however ; sustained trading – daily closing – below 1.6863 will turn outlook neutral for retesting 1.6764/1.6720 levels before the next possible rise .

In all ,as long as support 1.6863 holds on a daily closing basis , outlook in GBPUSD remains on the upside with risk towards the 1.7045 levels ahead of the 1.7140 levels , below 1.6863 will reverse risks towards the 1.6720/1.6765 levels before the next rise…



GBPUSD Daily Forecast May 07 2014