Forex pairs in this Article » GBP/USD
GBP/USD, had a relatively good week last week and managed to hold its position above 1.5300 with some consolidation, and after testing 1.5260 one last time on Thursday, is now poised to continue higher. The bullish argument is supported by the failure to fall on what is commonly known as ‘Forex Friday’ when markets, especially Forex Markets tend to execute a reversal of the previous week’s direction. On Friday, the Sterling instead went nowhere fast and created an ‘Inside Bar’ candle pattern on support at 1.5300 with a low for the day of only 1.5356. Now, should the high break and the bulls continue onward, resistance waits at 1.5410 (the 38.2 FIBO from the high in January to the low in June), plus 1.5475 and 1.5530. Should the Sterling suffer some fundamental damage, or the USD gain some strength (which is possible with the US Dollar Index having hit the 200EMA support level on Friday) we look to 1.5300 once again as support, the consolidation level at 1.5220 and Weekly S2 at 1.5170 to prevent the pair from falling too far.