Michael_Macdonald-XATSUK

GBP/USD poised for further gains in the coming weeks

OANDA:GBPUSD   British Pound / U.S. Dollar
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GBP/USD continues to extend gains.

Focus is now on the 1.2706 0.77% high of February, with rising momentum studies and the improving Tension Indicator (not shown) anticipating a further break towards critical resistance at the 1.2775 high of December.
A later close above here will confirm a significant rally, as the October 2016 bull trend gains traction and investors adopt an outright bullish stance Congestion around 1.3000 will then attract.

Support is raised to the 1.2375 low of 29 March. Any break beneath here should stabilise above the 1.2109 low of 14 March. Still further slippage, however, would delay higher levels and put focus back on critical support at the 1.1987 -3.75% low of January.

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