Trend Reversal Pattern. 13/05/2015

FX:GBPUSD   British Pound/U.S. Dollar
58 0 1
Prices have been holding on the downtrend since July 2014, until prices reached a strong support level of 1.46000 round figure on April, 2015. Looking at the blue trend line , it is clear that prices have spiked up to trade above the resistance line to close above the 50, 100, and 200 Daily Moving Average suggesting a greater probability for a trend reversal to the upwards. Today's candle finally closed above the 200 MA line, suggesting further increase in prices for the pair. Considering Fib retracement, prices closed above the 38% resistance level which puts us to target the next possible resistance level of 1.58244 which acts as the resistance of the green candle tick which we believe could be tested. We suggest that prices will move to target the next round level of 1.60 then 1.62 on the longer term.
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