GBPUSD: Rallies But Can GBP Break And Hold Above 1.7000? It sure is getting close.
GBPUSD: With GBP breaking through the 1.6919 level to extend its bullishness during Tuesday trading session, the risk is for more gains to occur.
The major resistance stands at the 1.7000 level, its big psycho level. This level is key to its bullish build up as it has to over come that level to clear the way for further strength.
If however, it evenly breaks that level which we think may not happen at least for now, then it will aim at the 1.7050 level. Further out, resistance comes in at the 1.7100 level and then the 1.7150 level.
Its daily RSI is bullish and pointing higher supporting this view. On the downside, a failure of its present strength will mean a return to the 1.6919 level.
Below here if seen will aim at the 1.6850 level where a breach will push it further lower towards the 1.6800 and then the 1.6762 level. Below here if seen will pave the way for a run at the 1.6719 level. On the whole, GBP continues to retain its upside bias.
Guest post by FX Tech Strategy
