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Technical Analysis: GBP/USD

The pair almost reached the 1.6300 resistance, then propped to the 1.6100 level. Meanwhile, the risks are still on the upside, and we could see...

The pair almost reached the 1.6300 resistance, then propped to the 1.6100 level. Meanwhile, the risks are still on the upside, and we could see a retest of the key resistance by 1.6300, with a clear break above to confirm the upside run towards the 1.7040 resistance in a medium-term. Only a break back below 1.6000 would negate outlook and aim the pair for testing the 1.5750-1.5800 support area, where the 100-Day SAM resides.

Edward Smith, technical analyst of company Admiral Markets.

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