GBP/USD: Pushing Higher
GBP/USD continues to rise after the successful test of its rising channel. The hourly resistance at 1.6666 has been breached. Other resistances can be found at 1.6718 and 1.6786 (07/03/2014 high). The short-term momentum remains positive as long as the hourly support at 1.6598 (28/03/2014 low) holds. Another hourly support stands at 1.6555 (27/03/2014 low).
In the longer term, a break to the downside out of the rising channel would negate the current bullish bias implied by the break of the resistance at 1.6668 (24/01/2014 high). A strong horizontal support stands at 1.6220 (17/12/2013 low).
Our short strategy has been stopped.