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GBP/USD is making a range trading above 1.6169 support level, and higher trading continues after pair make a sustain break above 1.6169 resistance level and now price is heading towards retest of the key 1.6209 resistance level, however pair is making a sustain gain above 1.5991 which helped bulls to extend higher. Price need to consolidate and managed a positive retest towards 1.6211 resistance level, price is still trading below the upper trend line, this could be correction move which is in favor of bears, this is a sign for bearish movement. The move cuts upward move and down move is in progress, after GBP/USD failed to extend above its swing high and price dropped from it and even pinned below upper trend line towards a retest of 1.5779 support level, but price failed to make a sustain gain and reversed. Intraday bias is bullish after price is trading above 1.5779 level. Consistent trade below that level would point that down move is still in progress. In this case price should target a test of 1.5467 level if pair doesn’t find support price would extend further down to 1.5361 level.
On the upside, price need a consolidative trade above 1.5991 level to gather strength, and make a positive break of the resistance trend line, if price manage to trade above it thus shows that GBP/USD has accumulated strength for the push towards 1.62++ resistance level and if there is positive break price should target higher resistance levels.
Daily Pivots: Pivot Point – 1.6175, 1st Support – 1.6149 1st Resistance – 1.6198
