The GBPUSD is off to a good start in trading this week (October 20, 2014). The technical charts are more positive. Buyers are remaining in control.
In the weekend video (CLICK HERE), I outlined that a move above the 1.6125 are would be eyed by traders as the next upside hurdle. The next target would come against the 1.6161 level. This is where the market has split the recent highs from the lows. On October 8/9th the price moved above this level but failed. Now we are testing that level and just moved above the level. The buyers remain in control.
There is a lot of news this week starting mainly with the MPC meeting minutes on Wednesday (Retail Sales and GDP on Thursday and Friday). That could lead to profit taking. So be aware. The old resistance now becomes intraday support. So am watching the 1.6161 area now. Stay above and the buyers remain in control
GBPUSD moves above 1.6161 . Support will now be eyed at the area. Stay above keeps the buyers in control.
