novvoll12
Long

GBPUSD 1.5512 – bullish – Bullish range breakout to eye higher

FX:GBPUSD   British Pound/U.S. Dollar
49 0 0
GBPUSD             1.5512 – bullishBullish range breakout to eye higher

GBPUSD             found support at 1.5330 and formed a minor double bottom (September 15/16, 2015 lows). Subsequent sharp rally broke through 1.5475 4-day range high (10 September), completing a bullish breakout. Further gains challenge the 1.5567 retracement (61.8% of the 1.5818/1.5163 fall) ahead of 1.5629 (August 24, 2015 low). The 1.5475/1.5424 support zone should hold dips. However, weakness below the 1.5424 area (August 7, 2015 range low) would caution bulls and shift the focus to the 1.5330 key support.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: neutral
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