The GBPUSD continued its bullish momentum last week but was rejected from the key resistance 1.6154, now the pressure will be on the 1.6154 levels.
The GBPUSD will have to hold above the 1.6154 levels on a weekly closing basis to push the market for further upside gains If seen, It will target the 1.6396 levels where a breach will turn the focus on the 1.6440 levels, further upside will aim 1.6750 levels.
Alternatively, a failure to hold above the 1.6154 levels could mean a return to the 1.5715/850 levels, a halt is strongly suggested, but losing 1.5716 will turn the focus on the 1.5426 levels.
In all, the GBPUSD will remain biased to the upside as long as 1.5716/850 levels hold with risk towards 1.6154/1.6400 levels, below 1.5716 would delay the bullish move for retesting 1.5426 levels.
Support and resistance levels (weekly chart) : 1.4813 , 1.5204 , 1.5426 (pivot) , 1.5505 ,1.5716 , 1.5884, 1.6154 , 1.6380, 1.6440,1.6750
Trend Strength (Weekly Chart):
Bullish: above 1.5426
Neutral: below 1.5426
Bearish: below 1.5204
Recommendations: Buy on the break of 1.6162 (daily basis), or buy after rejection above 1.5716/850 ( daily basis ).
GBPUSD – Weekly Chart