GBPUSD: Upside Offensive Develops, Short Term Risk Points To The 1.6161 Level |
GBPUSD: Despite its lower close the past week, GBP looks to continue its upside offensive following a reversal of its earlier losses during Monday trading session. This development now leaves its key resistance standing at 1.6161 level, its Oct 31’2011 high as the next upside target. A decisive violation of here will resume its short term uptrend towards the 1.6204 level, its Sept 06’2011 and subsequently its Aug 30’2011 high at 1.6418. Its daily RSI is bearish and pointing higher supporting this view. Alternatively, support lies at the 1.5874 level, its Nov 03’2011 low with a breach of there targeting the 1.5713/1.5687 levels. Below here will turn attention to its Oct 12’2011 low at 1.5541. On the whole, the pair continues to maintain its short term uptrend tone as it looks to recapture the 1.6161 level.
