GBP/USD

The GBP/USD pair is indicating a strong bullish tendency. Yesterday it reached the 3 week high 1.5884 which coincides with (R_2) the second weekly resistance level. As this level appears to be the strong resistance, we can suggest that the pair is expected to develop within the correction movement to the first weekly support around 1.5580 before the resistance level is broken down.

On the other hand we believe that the decline is not likely to be rapid, as the level 1.5760 is considered the first support. The pair is expected to continue further the descending movement from this level.
The Range and Momentum Indicators show that an exhaustion and possible change of are expected to take place soon.

The material has been provided by Instaforex Company - instaforex.com

More...