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GBP/USD - Bullish Breakout

GBP/USD has exited the downtrend channel. Hourly resistance at 1.4363 (22/01/2016 high) has been broken but the pair failed to hold above it. Stronger resistance can be found at 1.5336 (19/11/2015 high). Expected to show further monitoring around 1.4350.

The long-term technical pattern is negative and favours a further decline towards the key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

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