After break above 1.6750 resistance area, the GBPUSD continued it’s bullish momentum yesterday. The pair topped at 1.6986 and closed at 1.6935. If wee look back on daily chart below, after started a bullish run since June 11, the pair has been traded in range area/consolidation (rectangle) for 8 weeks. So, I believe this breakout should trigger significant bullish continuation. Now we should have bullish bias both on medium and nearest term. Nearest target is seen at 1.7100/50 area while medium target is seen at 1.7450 â€“ 1.7500 area. CCI just cross the 100 line down on h1 chart so watch out for potential downside correction testing 1.6850/10 support area. Break below that area should lead us into no trading zone in nearest term but as long as the pair able to stay above 1.6750 medium outlook remains bullish.
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