GBP-USD: Looks To Build On Gains.
GBP-USD:
Having reversed higher ahead of its rising trendline on Wednesday, GBP now looks to build on those gains towards the 1.6298 level.
With its medium-term rally that started from the 1.4226 level remaining intact, we look for the resumption of that uptrend towards the 1.6456 level, its Jan. 19, 2010 high and next, the 1.6875 level traded in on Nov. 15, 2009.
Conversely, to reverse its current bullish buildup, where the pair falls below its rising long-term trendline and the 1.5713 level, it must be traded with a loss at that 1.5713 level before it turns lower. That should cause further bear threats.
All in all, GBP remains broadly biased to the upside as it looks to resume its medium term up.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.
