GBPUSD is set to recapture 1.6260 with a breach !

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The GBPUSD maintained a strong bullish momentum the past 2 weeks , It was rejected from the weekly support 1.5893, printed a new one at 1.5853 levels, this level also was rejected on the daily chart with bullish divergence .However; this development leaves the pair targeting the 1.6260 levels, where a breach is very likely , If seen , It will target the 1.6380/1.6440 levels, at this point, I’d expect strong resistance from 1.6380/1.6400 levels to limit any upside move above 1.6260 levels, but break of 1.6440 would open 1.6615 levels, sustained trading above 1.6615 would open 1.7000 levels.

On the downside, support comes at 1.6071, stability above this level will build strong pressure on the 1.6260 levels, losing 1.6071 would only delay the bullish for retesting the main support on weekly at 1.5853  level, at this level buyers are likely to return strongly, to reverse risks to the downside , sustained trading below 1.5853 is needed, If seen It will target 1.5426 levels ahead of 1.5200 levels.

Overall; The GBPUSD will remain biased strongly to the upside – as long as 1.5853 holds on a weekly closing basis – with risk towards 1.6380/1.6440 levels, losing 1.5853 on a weekly basis would reverse risks to the downside towards 1.5426/1.5200 levels.

Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (main) , 1.5505 ,1.5716  ,1.5853(main), 1.6259 , 1.6380, 1.6440,1.6615 , 1.6750, 1.7000

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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