GBPUSD: With the pair resuming its bullish offensive after a brief pause on Monday, the next barrier lies at its Oct 31’2011 high at 1.6161. This is coming on the back of a break and hold above its key resistance at 1.6059 level. A decisive break and hold above the 1.6161 level will pave the way for a move higher towards the 1.6293 level, its weekly 200 ema 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.
