GBP/USD Seen Retargeting 1.5521

The pair may be hesitating but it should retarget the 1.5521 level, its high of April 15.
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GBP/USD

: The pair may be hesitating but while it holds above its April 19 low of 1.5190 and its April 6 low of 1.5127 it should retarget the 1.5521 level, its high of April 15.

Risk above the 1.5521 level comes in at 1.5574, its Feb. 23 high, followed by the 1.5814 level, its Feb. 17 high. This view is in line with its nearer-term uptrend triggered off the 1.4796 level.

For a chart of GBP/USD, click

here

.

Conversely, immediate support rests at the 1.5317 level with a break extending further weakness towards 1.5190 and 1.5127. A breather should occur here and then turn the pair back up again.

However, if that fails, lower level prices will shape up towards its March 25 low at 1.4796 and its 2010 low at 1.4782. That zone preserves GBP's present consolidation to corrective price action. Therefore, its break will resume its broader medium-term declines towards the 1.4511 level, its April 26 low, and then its April 9 low at 1.4396.

All in all, the pair looks to retarget the 1.5521 level as long as it maintains above the 1.5190 and 1.5127 levels.

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

The Professional Suite

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.