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USD Trading Outlook (02-06-2014)

Forex pair of the day

GBP/USD – within a bullish channel

The pair has validated a bullish flag and is facing a pull back on the lower boundary of a MT bullish channel. Moreover, the moving averages remain well directed. Therefore, as long as 1.6450 holds as a support (previous overlap), further advance is likely with 1.7040 at first (August 2009 top and strong overlap) and 1.74 in extension (horizontal resistance and overlap). A third target is set at 1.79 (horizontal resistance). Only a break below 1.6450 will turn the outlook to bearish. In this case, a first alternative target is set at 1.62 and a second one at 1.5870 (November 2013 bottom).
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