GBPUSD: Closes In On The 1.6692 Level

GBPUSD - GBP closed higher for a second consecutive week at 1.6692 the past week following through on its previous week gains. The current strength is coming on the heels of a halt in its downside pressure started off the 1.6692 level at 1.6249. The 1.6692 level is now the barrier that must be overcome to pave the way for further upside towards the 1.6740 level, its Sept 11'09 high and then its YTD high at 1.7041 with a breach activating the resumption of its medium term uptrend on hold since Aug'09.Its weekly stochasticsremain supportive of this view as it is bullish and trending higher. To the downside, nearby support lies at the 1.6464 level, its Nov 05'09 low followed by the 1.6260 level, its Nov 03'09 low. Below there will target its Oct 30'09 high at 1.6124 level with an invalidation of the latter opening up further downside pressure towards the 1.5706 level printed on Oct 13'09. On the whole, GBP looks to retarget the 1.6692 level and possibly head further higher.