GBP/USD, Weekly Timeframe shows Triangle Formation with Multiple Supports and Resistances at Different Levels, Although we may see a Range in this timeframe, I expect a breakout and further upmove till 1.5800 - 1.5900. There are few immediate resistances on the way. 1.5510 will be important to watch.
GBP/USD ... on a Smaller Term Daily Timeframe, shows a breakout of the falling channel but need to watch for Next Daily Candle for confirmation and a retracement to confirm the breakout. As we have 1.5510 as a Multiple TOP zone and a major Resistance on the way, we expect a reversal from this level to test the trendline again. But we have to watch the News flow to support this view. if we didn't get a complete daily candle outside the trendline, the view may be invalid. There are many Big Supports on the way down, that will restrict the fall of the pair.
On a Further smaller Time frame and with a few indicators we get a positive view on the shorter term, suggesting some more upside. The MACD and RSI both are showing further positive momentum and the Multiple Tops Resistance at the level of 1.5510 will act as a Big Hurdle. Till then Longs can be added around 1.5400 with a SL around 1.5360 level, It will be a Good Risk Reward of 1:2. Below 1.5360 we might see further correction to 1.5310 and 1.5240 level.
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