GBP/USD: Bullish Breakout at 1.5305
GBP/USD has broken its strong resistance at 1.5305. Next resistances are likely found at 1.5477 (25/06/2013 high) and 1.5531 (21/06/2013 high, see also the 200-day moving average). Hourly supports are at 1.5258 (22/07/2013 low) and 1.5154 (intraday low).
The break of both resistances at 1.5305 and 1.5346 (27/06/2013 high) stopped our short strategy.
In the longer-term, prices are moving within a mild declining trend since April 2011. However, the recent successful test of the support at 1.4832 and the break of the support at 1.5305 suggest an improving medium-term trend. Key resistances are given by the 200-day moving average and 1.5752 (17/06/2013 high).