GBPUSD: The pair is now building up strength but will have to break out of its symmetrical triangle and break above  the 1.6272 level to convince the market of further gains.  This will open upside risk towards its Nov’2010 high at 1.6298 with a  clearance of there resuming its broader long term uptrend towards the 1.6455 level. Further out, resistanc

GBPUSD: Having broken and held above the 1.6056 level, its Jan 18’2011 high followed with a further strength in early trading today, GBP faces the risk of recapturing its falling channel presently at 1.6223. It is currently testing that level. Note, we have been calling for the resumption of its rally started from the 1.5344 level. A clean violation of the 1.6223 level will call fo

GBP/USD  as of Wednesday (1/19/2011) has continued its consistently and dramatically bullish stance that has been in place since the beginning of the year. During the course of this bullishness, price action launched off its key 1.5350 support base and then broke out cleanly above a bullish descending wedge pattern before shooting for 1.5900 resistance. After that resistance bar

GBP/USD  [STRATEGY] BUY AT 1.5785 FOR A [1.5935] INITIAL OBJECTIVE, STOP AT (1.5715).

Potential for churning near term as market consolidates last weeks gains. However dips should be well supported by 1.5780/19 area. Above 1.5911/35 takes aim at 1.5965 next ahead of 1.5999.

The week ending January 14 saw the pound close more than 2% higher against the U.S. dollar, pushed higher by escalating interest rate hike expectations and steady purchasing by Asian central banks.

GBP/USD hit 1.5855 on Friday, the pair’s highest since December 14; the pair subsequently consolidated at 1.5867 by close of trade on Friday, jumping 2.18% over the week.

Cable has been trading within a relatively tight range yet choppy over the entire European session between 1.5820 and most recently 1.5880. Following more fundamental data from the US, the pair remains near its daily high of 1.5880 where it seems to find firm resistance.

With no immediate signals of breaking out of its current channel, the GBP/USD looks to trade sideways into t