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GBPUSD Takes Back Losses, Sets Up For More Strength

GBPUSD: GBP has revered its Tuesday losses and looks to resume its short term uptrend. On continued upside offensive it should target its nearby resistance at the 1.5400 level. On the upside, resistance resides at the 1.5450 level. Further out, resistance resides at the 1.5500 level followed by the 1.5550 level. A cut through here should open the door for more strength towards the 1.5600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5300 level with a break of here turning attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. On the whole, GBP faces the risk of further upside and possible short term trend resumption

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