GBPUSD Outlook

The GBPUSD finally had a convincing bullish momentum yesterday, the most convincing movement during this week if we look at the daily chart. The pair broke above 1.6505, topped at 1.6559 but closed a little bit lower at 1.6496. Even this week movement was less significant compared to last week, the fact that the 1.6505 level was broken to the upside should trigger further bullish pressure testing key resistance level around 1.6660 area for the upcoming week. On weekly chart below, we have a rounding bottom formation, which is a bullish reversal formation especially if the 1.6660 resistance line violated to the upside. On the downside, this week’s low at 1.6187 should be important support area at this phase. So, what will happen next week should be very interesting since it might determine our long term outlook for GBPUSD. Have a great weekend and see you guys next week :)