The GBPUSD has bounced nicely off its lows set early in the session of 1.4705 but as the daily GBPUSD chart shows, we can’t pop the champagne corks until we take out that all important 1.5000 region which is also where the downward sloping channel resistance can be seen.
As long as we remain above 1.4500 the focus will remain on the 1.5000 level whereas a move below 1.4500 sees a retest of the 1.4000 region.
Given that all the moving averages are doing as they should to support a move higher i will continue to look for the cable to be a buy on dips to 1.4630 and 1.4550 with a stop below 1.4500.
Also look to buy on the break of 1.5000!
