GBPUSD: Bullish With Caution!
The GBPUSD continues its bullish momentum yesterday, bottomed at 1.2963 level, topped at 1.3054 level. Now, the focus will turn on 1.3054 level. The GBPUSD will have to break and hold above 1.3054 level on a daily closing basis to push the market for further upside gains. If seen it will target 1.3155 level. A halt is likely, it may turn lower to test 1.3054 before another rise. However; above1.3155 aims 1.3280 level, further upside, resistance comes at 1.3415 level.
Alternatively, a failure to hold above 1.3054 level on a daily closing basis could mean a return to 1.2963 level. A cut through support will turn outlook neutral and bring corrective pullback to 1.2918 level ahead of 1.2850 level, further down, support comes at 1.2763 level.
Conclusion: The GBPUSD sees upside threats above 1.2963 level with caution…
Support: 1.2963, 1.2918, 1.2850, 1.2763
Resistance: 1.3054, 1.3155, 1.3280, 1.3415