GBP/USD Classical Technical Report 02.07
GBP/USD:The latest break back above 1.5800 now compromises a multi-week consolidation, with the pair now looking to break towards next key resistance by 1.6000. However, despite the upside move, we see any additional gains from here as limited and would look for a topside failure somewhere ahead of 1.6000 in favor of a bearish resumption. Daily studies confirm and look stretched and selling rallies above 1.5900 over the coming sessions is the preferred strategy. A close back under 1.5750 will also suggest that the market has peaked out for now in favor of bearish resumption.
--- Written by Joel Kruger, Technical Currency Strategist
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