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GBPUSD Takes Back Corrective Losses, Breaks Above 1.5450

GBPUSD: With GBPUSD breaking above the 1.5450/07 zone during Wednesday trading session, further bullish offensive is likely. However, it must hold above its resistance turned support zone on a weekly closing basis to prevent a return to the downside. On the upside, resistance resides at the 1.5550 level with a break aiming at the 1.5600 level. A violation of here will turn attention to the 1.5650 level and possibly higher towards the 1.5700 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. On the whole, GBP remains biased to the upside on recovery.

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