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GBP/USD Bulls Retain Control

By - Apr 24, 2012, 6:20 AM CDT

GBP/USD is being supported on dips by the previous swing high at 1.6063 as bulls retain overall control.

The breach of key resistance at 1.5985/1.6063 signaled an important breakout and we look for 1.5985/1.6063 to hold for the next leg of the 1.5235 advance for 1.6167 (31st Oct high) and then resistance at 1.6455/1.6500.

Failure to capitalise on the upside potential over the next few sessions and/or loss of 1.5985 would suggest bull exhaustion, although we would need to see the loss of 1.5603 (12th March low) to threaten a much deeper retracment of the 1.5235 advance.

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