GBP/USD - Buying Pressures are Increasing
GBP/USD has broken the hourly resistance at 1.5554 (10/06/2015 high) and is now back below this level. Hourly support is given at 1.5369 (10/06/2015 low). Key resistance lies at 1.5815 (14/05/2015 high). The short-term technical structure suggests an upside momentum.
In the longer term, the technical structure looks like a recovery bottom whose maximum upside potential is given by the strong resistance at 1.6189 (Fibo 61% entrancement).