GBPUSD: With GBP holding firmly above its key resistance at its Oct 31’2011 high at 1.6161, further strength is now expected. In such a case, the 1.6293 level, its weekly 200 ema will be targeted followed by the 1.6451 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, below the 1.6059 level will have to occur to reverse its present upside offensive. However, the bigger support resides at its trendline and the 1.5642/53 levels, its Feb 14/15’2012 lows where a breach if seen will aim at the 1.5497 level, its Jan 10’2012 high. On the whole, the pair continues to hold on to its medium term uptrend.
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