GBPUSD Potential Long Swing

FX:GBPUSD   British Pound/U.S. Dollar

Although GBPUSD             has been bearish over the long-term, recently it has been extremely bullish , consistently making higher-highs and higher-lows. This could be part due to the fact that we are bouncing off of LONG-TERM support at weekly and monthly lows. Regardless, with today's news between the ECB and U.S. Jobless Claims price action has broken out of the indecisive ranging wedge that it was trading within throughout this week. Making a new high, we are expecting to see a bit of a sell-off out of Asia and during early London hours before another upside rally. The 1.44000 level poses a HUGE line in the sand for further upside movement, with a gap-down in price seen on every time frame including the Daily. This gap in price shows A LOT of selling pressure at that 1.44000 level that we do not want to mess with. We will look to take profits just before that figure if this trade plays out, and if we happen to break above 1.44000 with strong conviction, we could see even further upside on this pair!

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