GBPUSD:Continues upside offensive saw the breaking above its strong resistance levels at the 1.5352 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high to close higher above its daily 200 emaon Tuesday. With this price development, GBP is now biased to head further higher towards the 1.5724 level, its Dec 17’09 high and possibly higher. It remains supported by its rising daily RSI. On the downside, its eroded the 1.5337 level, its May 12’09 high and the 1.5373 level, its Jan 08’09 high should now reverse roles and provide support. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16’09 high ahead of the 1.4836 level, its May 04 09 low followed by its April 27’09 low at 1.4517 level. All in all, GBP is now poised to head further higher having resumed its short term uptrend.

Support / Comments

1.5373 / Jan 08’09 high

1.5066 / April 16’09 high

1.4836 / May 04 09 low

Resistance / Comments

1.5722 / Dec 17’08 high

1.6196 / Nov 05’09 High

1.6671 / Oct 30,08 high