GBP/USD Aiming to Surpass 1.4600 Mark
The GBP/USD
continues to build on to its previous two days of consecutive gains and
has now peaked through 1.4550 mark ahead of the US durable goods orders
data.
The pair is currently trading at over 2-month high levels
and any sort of disappointment from the US economic data front should
assist to scale higher even from current levels.
Technical levels to watch
The
ongoing momentum seems strong enough to lift the pair beyond 1.4570-80
immediate resistance, which if cleared sets the stage for test of
1.4635-40 resistance area, marked by 38.2% Fibonacci retracement level
of 1.5930-1.3835 downfall.
On the downside, dip towards
1.4530-25 zone now seems to attract fresh bids that might limit any
further fall below 1.4500 round figure mark. Only a sustained weakness
back below 1.4500 mark (1.4500-1.4480 area would negate the bullish
outlook, thus dragging the pair back towards 100-day SMA resistance
turned support near 1.4420 region.
