GBPUSD bullish after consolidation breakout

1 min read

2015-05-06_9-47-27

GBPUSD broke above 1.5165 and currently it stands in bullish territory. Services PMI data release ( 8:30 GMT ) will provide additional momentum and volatility to the pair. We need to look for specific zones in this occasion. 1.5105-1.5160 is NEUTRAL territory. If GBPUSD drops to DPP – 1.5160 and rejects it could reach 1.5265 and 1.5300 subsequently. Trend line which we also see on the chart give additional room to potential bullish development -1.5400 but from intraday perspective we should pay attention to above mentioned levels. Between 1.5160 and 1.5105 in NEUTRAL territory and if the pair drops below 1.5105 it could tank down to 1.5050.

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read the original article on AdmiralMarkets.com