GBP Trading Outlook (16-07-2015)
Medium Term Strategy: Forex Pair of the day
GBP/USD – rebound
The pair has rebounded above the strong support at 1.5170. Thus, as long as 1.5170 holds on the downside (horizontal support and overlap), further advance is likely with 1.5935 as a first target (June top) and 1.6190 in extension (61.8% retracement of the July 2014 to April down leg). A third target is set at 1.6525 (last September top). Only a break below 1.5170 would turn the outlook to bearish with a first alternative target set at 1.4560 (horizontal support and April low) and a second one set at 1.4230 (May 2010 low).
