GBPUSD- The pair closed marginally higher Wednesday building slightly on its Tuesday gains but was seen heading higher in late London session today. A convincing break and close above there must occur to clear the way for further upside towards the 1.7041 level, its Aug 05'09 high with a loss of that level activating the resumption of its medium term uptrend. Its daily stochastic remains bullish and pointing higher supporting further strength. On the contrary, a pullback in its current upside recovery could see the pair turn lower aiming at the 1.6321 level, its Sept 08'09 low followed by the 1.6111 level, its Sept 01'09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08'09 low and then the 1.5798 level, its July 08'09 low. On the whole, with a halt in its declines off the 1.7041 level and a follow through higher seen, recovery higher is now expected.

Support Comments

1.6321 Sept 08'09 low

1.6111 Sept 01'09 low

1.6034/00 July 13'09 low/psycho level

Resistance Comments

1.6622 Aug 16'09 high

1.6742 July 30'09 high

1.7041 Aug 05'09 high

Daily Chart: GBPUSD