GBP/USD: Aiming for 5-Year High
GBP/USD surged higher yesterday. Monitor the major resistance at 1.7043 (05/08/2009 high). An initial support lies at 1.6922 (intraday low). Another support can be found at 1.6882 (27/05/2014 high).
In the longer term, a medium-term bullish bias is favoured as long as the support at 1.6661 (15/04/2014 low) holds. The persistent buying interest favours an eventual break of the major resistance at 1.7043 (05/08/2009 high). Other resistances can be found at 1.7332 (see the 50% retracement of the 2008 decline) and 1.7447 (11/09/2008 low).
We have removed our long strategy given the recent market action.