GBP-USD Vulnerable, but Maintains Uptrend

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK ( fxtechstrategy.com) - GBP-USD continues to remain vulnerable within its range-trading environment. However, the big picture still sees the pair maintaining its medium-term uptrend started from the 1.5235 level.

To resume that uptrend, it will have to break and hold above the 1.5924 level, its Feb. 8 high and the 1.5990 level. This will pave the way for a run at the 1.6074 level, its November 2011 high and possibly higher toward its Oct. 31 high at 1.6161.

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On the downside, the risk to the analysis will be a convincing break and close below the 1.5642/53 levels, its lows of Feb. 14 and 15. This zone may continue to hold on tests. However, if violated, further lower prices will shape up toward the Jan. 10 high of 1.5497.

On the whole, the pair may be vulnerable but continues to hold on to its broader medium-term uptrend.

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.

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