The GBPUSD maintained a strong bullish momentum last week , broke above the key resistance 1.5844 ,and topped at the 1.5884 levels, the weekly close above the 1.5884 levels is likely to open the 1.6150 levels, a breach will turn focus on the 1.6380 levels, further upside will aim the 1.6440 level where halt is suggested , but sustained break above the 1.6440 levels will have large bullish implication towards the 1.7500/1.8300 levels.
On the downside, a weekly close back below the 1.5844 levels , is an early sign for a false break above the 1.5844 levels, stability above the 1.5844 levels will add pressure on the 1.6150/440 levels; support comes at the 1.5505 ahead of the 1.5426 levels , losing 1.5426 will open the 1.5204 levels , further downside will aim the 1.4813 levels.
In all, as long as the 1.5426 levels hold on a weekly closing basis , the pair will remain biased to the upside with risk towards the 1.6150/440 levels.
Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (pivot) , 1.5505 , 1.5844 , 1.5884, 1.6154 , 1.6380, 1.6440
Trend Strength (Weekly Chart):
Bullish : above 1.5426
Neutral : below 1.5426
Bearish : below 1.5204
GBPUSD – Weekly Chart