GBP/USD has broken the key resistance at 1.6823, opening the way for a test of the major resistance at 1.7043. Hourly supports can be found at 1.6847 (29/04/2014 high) and 1.6807 (30/04/2014 low).

In the longer term, prices continue to move in a rising channel. As a result, a bullish bias remains favoured as long as the support at 1.6661 (15/04/2014 low) holds. However, we are reluctant to suggest an upside potential higher than the major resistance at 1.7043 (05/08/2009 high), especially given the general overbought conditions.

Daily Technical Report