GBP/USD Reaches 1.66 in Stable Uptrend

GBP/USD Reaches 1.66 in Stable Uptrend

GBP/USD Open 1.6566 High 1.6605 Low 1.6472 Close 1.6554

On Tuesday Pound/Dollar increased with 105 pips. The Cable appreciated from 1.6472 to 1.6579 on Tuesday, in line with the positive money flow sentiment at over +21%, closing the day at 1.6554. Today the British Pound lifted even further, climbing to 1.6605.

On the 1 hour chart the upward channel looks good, while on the 3 hour chart the upward channel is also intact. First resistance is today's peak at 1.6605. Break above it should extend the bullish movement further towards 1.6728. The nearest support level is Tuesday's bottom at 1.6472. Going below it should extend British Pound's reduction further down towards next downward objective 1.6350.