GBP/USD: Bullish Rally Stalls at 1.6823
GBP/USD is looking to breached the hourly resistance area between 1.6750 (15/04/2014 high). A break above would validated a shortterm bullish trend reversal formation. The next resistance can be found at 1.6823 (17/02/2014). The short-term bullish momentum is intact as long as the hourly support at 1.6684 (previous resistance) holds.
In the longer term, prices continue to move in a rising channel. As a result, a bullish bias remains favoured as long as the support at 1.6460 holds. A major resistance stands at 1.7043 (05/08/2009 high).