GBP/USD To Move Higher Along Uptrend
Forex4you | Jun 05, 2015 07:22AM ET
Cable has completed an a-b-c correction in a young but strong short-term uptrend, which started after the broader downtrend found support at the 1.5169 lows.
It will probably start moving higher in line with this trend. However, ideally, I'd like to see a break above the monthly pivot and the 1.5440 highs before confirming an extension, with a target then at support and resistance at 1.5500.
Alternatively, a move lower might also unfold if the pair breaks below the 1.5169 lows, which would provide confirmation of an extension down to 1.5088.
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