GBPUSD: A third day of upside on recovery is now underway. This suggests that we could see further upside towards the 1.5198 level where a violation will aim at the 1.5300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to its present bullish offensive will be a reversal of that gain and a return to the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level followed by the 1.4700 level. On the whole, GBP continues to retain its broader downside bias though recovering.
[QUOTE=FXTechstrategy;469241]GBPUSD: A third day of upside on recovery is now underway. This suggests that we could see further upside towards the 1.5198 level where a violation will aim at the 1.5300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to its present bullish offensive will be a reversal of that gain and a return to the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level followed by the 1.4700 level. On the whole, GBP continues to retain its broader downside bias though recovering.
The uptrend is establishing now after the bounce off 138 fib its really free now…i can bet on 5300 next week.
