GBPUSD: Maintains Bullish Momentum, Targets Higher Prices

July 26, 2013 in Forex Analysis

GBPUSD: With GBP returning above the 1.5304 level, further upside offensive is likely towards the 1.5450 level. Further out, resistance stands at the 1.5500 level where a violation will aim at the 1.5550 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support lies at the 1.5304 level where a reversal of roles as support is expected to occur and turn it higher. But if this fails, further decline could follow towards the 1.5250 level with a turn below here aiming at the 1.5200 level and then 1.5027. On the whole, GBP continues to retain its upside bias.

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