GBP/USD: New Highs are Bullish
GBP/USD has broken the major resistance at 1.7043. A short-term bullish bias is favoured as long as the hourly support at 1.7007 (27/06/2014 low) holds. An initial support lies at 1.7096 (01/07/2014 low).
In the longer term, the break of the major resistance at 1.7043 (05/08/2009 high) calls for further strength. Resistances can be found at 1.7332 (see the 50% retracement of the 2008 decline) and 1.7447 (11/09/2008 low). A support lies at 1.6923 (18/06/2014 low).