GBP/USD – Technical Outlook

• Continuing with its reaction to disappointing US jobs report released on Friday, GBP, on Monday, rose to 1.5732 against USD, its highest level after June 17. GBPUSD currency pair, although, ended the day on a positive note, however, failed to close above the 1.5700 mark.
• On Tuesday, GBP advanced further against USD and is currently holding above 1.5700 level, at 1.5707.
• On the immediate upside, 1.5750 region, marked by July 2013 and August 2013 highs and also 61.8% Fibonacci
• Retracement Level of the move from 2013 high to 2013 low, might continue to prove as strong resistance for the
• currency pair.
• Should the pair manage to clear this 1.5750 strong resistance zone, the pair might continue with the upward trajectory towards 1.5870 – 1.5890 resistance zone in the near-term.
• On the downside, 1.5620 – 1.5600 zone, coinciding with the lower trend-line support of an ascending channel formation on daily chart, now seems to provide immediate support for the currency pair.
• Should the pair decisively slip below the 1.5600 support, the pair seems witness a corrective pull-back towards a very important support near 1.5400 – 1.5380 zone representing 38.2% retracement level.
• Further, as has been repeatedly mentioned in previous reports, should the pair fail to hold 1.5400 strong support, the pair, in the near-term, might continue drifting lower towards 1.5170 – 1.5160 support zone, marked by 23.6% retracement level,  with intermediate support near 1.5280 – 1.5270 zone.

Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/