GBP/USD Breaks Higher
Jason Sen | Apr 17, 2014 05:23AM ET
GBP/USD hit last week's high at 1.6815/25 and topped exactly here as expected but we have broken higher this morning. Despite being severely overbought the outlook remains positive and we should continue higher in this bull trend. Above 1.6845 is more positive and targets 1.6875/80. If we continue higher in to next week there is not much to stop a test of 100 month moving average at 1.6975 next week and even retest of 2009 highs at 1.7040/45 this month.
However below 1.6815 is a concern and we then need to watch support at 1.6795. If we continue lower look for 1.6770/65 then good support at 1.6750/45 which should hold the downside.
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