GBP/USD – Is it eyeing 1.4669 and forming Head now?

Cable has had an impressive run and has breached key technical levels on way up, indicating the bulls are in control

Technical view  – Could test 1.4660 in days ahead

  • GBP’s daily close above 1.4436 (Mar 11 high) wuld reinforce bulls and yield 1.4669 (Feb 4 high).
  • Failure to stay above 1.4390 could see prices test 1.4330. Bullish invalidation is seen only if the spot breaks below 1.4330 on daily closing basis.
  • Overall dips are to be bought for target of 1.4669, a turn lower from there would mean the pair is forming right shoulder.

Daily chart

GBPUSD D1 (03-17-2016 1906)

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