GBPUSD 1.5512 – bullish – Bullish range breakout to eye higher
GBPUSD found support at 1.5330 and formed a minor double bottom (September 15/16, 2015 lows). Subsequent sharp rally broke through 1.5475 4-day range high (10 September), completing a bullish breakout. Further gains challenge the 1.5567 retracement (61.8% of the 1.5818/1.5163 fall) ahead of 1.5629 (August 24, 2015 low). The 1.5475/1.5424 support zone should hold dips. However, weakness below the 1.5424 area (August 7, 2015 range low) would caution bulls and shift the focus to the 1.5330 key support.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
GBPUSD found support at 1.5330 and formed a minor double bottom (September 15/16, 2015 lows). Subsequent sharp rally broke through 1.5475 4-day range high (10 September), completing a bullish breakout. Further gains challenge the 1.5567 retracement (61.8% of the 1.5818/1.5163 fall) ahead of 1.5629 (August 24, 2015 low). The 1.5475/1.5424 support zone should hold dips. However, weakness below the 1.5424 area (August 7, 2015 range low) would caution bulls and shift the focus to the 1.5330 key support.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
