GBP/USD: Pulling-Back Within Mini-Up-Trend 'Breakout'
Forex4you | Apr 27, 2015 07:07AM ET
Cable broke temporarily above the 1.5166 spike highs, confirming a breakout from the range-bound mode it had been in since the March 18 lows. However, it has since started pulling back and is currently trading back below those levels at 1.5126.
Overall the mini-up-trend and the establishment of new highs at 1.5188 seems to augur bullishly for the pair and the current pull-back may simply be a temporary weakening, with the possibility of a turnaround occurring at the 1.5080 level where a trend-line and the monthly pivot provide a support zone, after which I see the exchange rate starting to track higher again.
As such, a move above the 1.5188 highs would probably confirm an extension to the R1 monthly pivot at 1.5290.
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