The GBPUSD maintained some bullish momentum last week, printed a new support at the 1.5954 levels, this development leaves the pair targeting the 1.6250 levels where a breach will turn the focus on the 1.6396 levels, further upside will aim the 1.6615 levels.
On the downside, losing the 1.5954 levels on a daily closing basis will confirm short term topping and flip bias back to the downside towards the 1.5716 levels, further downside will aim the 1.5552 levels.
In all, the GBPUSD will remain biased to the upside with risk towards the 1.6250/400 levels as long as the 1.5954 levels hold on a daily closing basis, losing the 1.5954 levels will reverse risks to the downside towards the 1.5716 levels.
Support and resistance levels (daily chart) : 1.5422 , 1.5552 , 1.5717 , 1.5751 , 1.5954(pivot) , 1.6162 , 1.6251 , 1.6396 , 1.6615
Trend Strength (Daily Chart):
- Bullish : above 1.5954
- Neutral: below 1.5954
- Bearish : below 1.5422