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GBP/USD: Further advances ahead with target at 1.5915

The GBP/USD broke above key resistance area at 1.5750 on Wednesday with the bullish momentum suggesting am major turn in this market. This has been an astonishing week of gains for cable, with a double bottom formation just completed on the weekly chart. At 1.58 at the time of writing, some profit taking is pushing the market lower this morning as the bulls are taking a breather. A consistent break above 1.587 would reinforce the bullish outlook and open the way to 1.5915 and ultimately 1.61, not seen since January. As long as we remain above the open of the week’s candle at 1.5623 there is not much reason for the bulls to worry.

Dafni Serdari
Market Analyst
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