GBP/USD: key level for the bulls to watch sits at 1.53
GBP/USD had a volatile session on Thursday with the pair initially reaching 1.515, only to bounce back and form a hammer on the daily chart. This morning we see a similar pattern already. At 1.5237 at the time of writing, the market looks set to continue its grind higher.
With a rising trendline supporting the market for the whole week, we expect the bulls to push the market all the way up to the 1.53 level. A break above that level would open the door for the 1.5335 level and ultimately the 1.55 area. In the alternative scenario, we will have to see a consistent break below the bottom of Thursday’s hammer in order to change our outlook.
Published: 19 July 2013
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