GBP/USD Classical Technical Report 02.08
GBP/USD:The latest break back above 1.5800 now compromises a multi-week consolidation, with the pair now looking to push 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 around 1.6000 in favor of a bearish resumption. Daily studies confirm and are starting to look stretched as well. A close back under 1.5730 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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