GBPUSD: Maintains Further Upside Risks.
GBPUSD: The pair continues to retain its short term uptrend activated from the 1.4226 level, breaking and holding above its medium term falling trendline the past week. With a weekly positive close in place, risk of further upside gains is likely despite its Friday price stall(daily chart). Immediate resistance lies at the 1.5470 level, its July 13’10 high with a breach of there turning attention to its April 15’10 high at 1.5521 and possibly higher. Alternatively, a follow-through lower on its Friday weakness if seen should target its violated trendline at 1.5240. This level is expected to hold and provide support thus turning the pair higher again. Further down, the 1.4947 level, its July 12’10 low comes in as the next support with a clearance of there aiming at the 1.4872 level, its July 01’10 low. Overall, with bull pressure triggered from the 1.4226 level still intact further upside offensive is likely.
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