GBP/USD: With GBP holding firmly above its broken resistance turned support at the 1.6259 level and seen reversing its Monday losses, further upside offensive is likely. Resistance resides at the 1.6450 level. A breach of here will aim at the 1.6500 level with a break of there triggering more strength.
Further out, resistance stands at the 1.6550 level with a violation paving the way for a run at the 1.6550 level. Its daily RSI is bullish and pointing higher supporting this view.
Conversely, support lies at the 1.6342 level followed by the 1.6259 level. A reversal of roles is expected to occur and turn the pair higher. However, if that is broken, expect further decline to push the pair lower towards the 1.6200 level and then the 1.6150 level. On the whole, GBP continues to retain its medium term upside offensive.
Guest post by FX Tech Strategy
