GBP/USD Moves Above 1.4650, Bulls in Control
The GBP/USD
continues to scale higher and is now trading at 3-month high level near
1.4650, heading for third consecutive week and second consecutive month
of of gains.
The pair is now in the vicinity of testing Feb.
high of 1.4668, beyond which bulls are likely to lead the pair higher.
Moreover, the pair has been trending within a short-term ascending
trend-channel formation on H4 and after testing the trend-channel
support on Thursday is moving higher, clearly indicating that bulls are
in full control and are aiming for higher levels for the pair.
ALSO READ: Sterling futures show bulls committed for a 1.4650 breakout
Technical levels to watch
Strength
above Feb. high of 1.4668-70 would set the stage for an immediate
up-move towards 1.4700 round figure mark before the pair makes an
attempt towards testing the short-term ascending trend-channel
resistance near 1.4750-60 zone.
On the flip side, reversal from
current levels and a subsequent drop below 1.4625-20 immediate support
has the potential to drag the pair back below 1.4600 handle, towards
1.4580 horizontal support. Any further decline below 1.4600 is likely to
be limited at the trend-channel support, currently near 1.4550 level.
