GBPUSD: Set To Break And Hold Above The 1.5521 Level. 
GBPUSD: With a continuation of its Friday rally presently seen, GBP is now poised to strengthen further and recapture its resistance at the 1.5521 level established on April 15’10. This should then propel the pair higher towards the 1.5574 level, its Feb 23’10 high and next the 1.5814 level, its Feb 17’10 high. This view is in line with its nearer term uptrend triggered from the 1.4796 level. While GBPUSD holds above its April 19’10 low at 1.5190 and its April 06’10 low at 1.5127, our upside view remains valid. On the other hand, immediate support rests at the 1.5396 level, its April 23’10 low with a break extending further weakness towards its April 19’10 low at 1.5190 and next its April 06’10 low at 1.5127. A breather should occur here and then turn the pair back up again. However, if that level fails, lower level prices will shape up towards its Mar 25’10 low at 1.4796 and its 2010 low at 1.4782 level. This zone preserves GBP’s present consolidation to corrective price action. Therefore, a break will resume its broader medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. All in all, the pair looks to recapture the 1.5521 level as long as it holds above the 1.5190 and 1.5127 levels.

GBPUSD: With a continuation of its Friday rally presently seen, GBP is now poised to strengthen further and recapture its resistance at the 1.5521 level established on April 15’10. This should then propel the pair higher towards the 1.5574 level, its Feb 23’10 high and next the 1.5814 level, its Feb 17’10 high. This view is in line with its nearer term uptrend triggered from the 1.4796 level. While GBPUSD holds above its April 19’10 low at 1.5190 and its April 06’10 low at 1.5127, our upside view remains valid. On the other hand, immediate support rests at the 1.5396 level, its April 23’10 low with a break extending further weakness towards its April 19’10 low at 1.5190 and next its April 06’10 low at 1.5127. A breather should occur here and then turn the pair back up again. However, if that level fails, lower level prices will shape up towards its Mar 25’10 low at 1.4796 and its 2010 low at 1.4782 level. This zone preserves GBP’s present consolidation to corrective price action. Therefore, a break will resume its broader medium term declines towards the 1.4511 level, its April 26’10 low and then its April’09 low at 1.4396. All in all, the pair looks to recapture the 1.5521 level as long as it holds above the 1.5190 and 1.5127 levels.

 

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