The GBP USD is showing strength but still has to take out an old Main Top from October 2008 and a key retracement price in order to trigger an acceleration to the upside.
The GBP USD was unaffected by yesterday’s rally in the Dollar and collapse in the commodity markets. This is because the Pound is not considered a commodity currency.
The strong close over the retracement zone at 1.6232 to 1.6334 was the first indication of strength and the first sign that this market could take a shot at the recent high at 1.6663.
A new Main Trend Bottom has been established at 1.5801. Although the market is exhibiting strength today, it still has to pierce the old Main Top from October 2008 at 1.6671 and the major retracement price at 1.6694 in order to accelerate further to the upside.
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