GBPUSD: Though seen hesitating, we still look for the pair to resume its bullish strength triggered off the 1.6583 level. Note that the fact that it has reversed most of intra day losses suggests that its broader upside bias remains intact and trend resumption is imminent.
Immediate resistance resides at the 1.6768 level, its Feb 28 2014 high where a break will turn focus to the 1.6822 level and then the 1.6850 level, its psycho level. Further out, resistance stands at the 1.6900 level.
Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support lies at the 1.6675 level, its Feb 28 2014 low where a cut through here will pave the way for a run at the 1.6600 level.
Further down, support comes in at 1.6550 level where a break will aim at the 1.6500 level. Further down, support lies at the 1.6450 level and possibly lower towards the 1.6400 level. On the whole, GBP continues to retain its medium term upside.
Guest post by FX Tech Strategy
