The GBPUSD maintained a bullish momentum last week after topping at 1.5683. Now the pressure will be on the key resistance 1.5683. The GBPUSD will have to hold above the 1.5683 levels on a weekly closing basis to push the market for further upside gains. If seen; expect the market to strengthen further towards the 1.5915 levels ahead of the 1.6215 levels, where a breach will turn focus to the 1.6540 levels.
On the downside, support is at 1.5191 ahead of the 1.5007 levels, then 1.4830, a failure to hold above the 1.5683 levels, could mean a return to the 1.5191 levels, where a breach will look for the 1.5007 levels, losing 1.5007 may expose the 1.4830 levels.
Considerations: a failure to close on weekly above 1.5683, followed by a weekly close below 1.5191, would mix up things and bring consolidation – sideways market – before the next move.
Recommendations: Buy GBPUSD – into weakness – after rejection on daily from the 1.5350 / 1.5450 levels, with a target towards the 1.5900 levels, and 1.6200 as a second target.