By Mohammed Isah, technical strategist and head of research at

GBP/USD: The British pound closed higher Thursday on the back of its hammer formation and now looks to build on that strength with eyes on its March 8 high at 1.5195.

For a chart of GBP/USD click here.

A decisive close above there will resume its corrective recovery initiated from its 2010 low at 1.4782 towards its Feb. 19 low at 1.5343 where we expect the bears to come in and push the pair back down again in line with its broader weakness.

Conversely, supports are located at the 1.4871 level, its March 10 low and its 2010 low at 1.4782. Below the latter will put our upside view on hold and then trigger the resumption of its medium-term downtrend now on hold towards the 1.4511 level, its April 26 low, with a loss there targeting the 1.4396 level, its April 19 high.

On the whole, though medium-term biased to the downside, corrective to consolidation of its declines from the 1.7041-1.4782 levels continues to shape up.
Mohammed Isah is a technical strategist and head of research at, 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 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 At, 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.