GBPUSD: Sets Up For More Upside
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GBPUSD: Having closed higher for a second week in a row the past week, further upside is likely. This development leaves GBP targeting the 1.66200 level where a violation will aim at the 1.6259 level. A beach of here will resume its broader upside towards the 1.6350 level and subsequently the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.6000 level where a breach will push it further lower towards the 1.5853 level. A cut through here will aim at the 1.5800 level. Further down, support comes in at the 1.5750 level where a violation will aim at the 1.5700 level. On the whole, GBP continues to retain its medium term upside bias.