GBP/USD is likely to consolidate this week with MACD slightly bearish. Immediate resistance lies at 2 Feb high of 1.9750, any breach of which would be short-term bullish, expose upside toward 23 Jan peak at 1.9915. Initial support is at 31 Jan low of 1.9480. Any breach of 1.9480 which would be short-term bearish, targeting 1.9315, 10 Jan low. Medium-term outlook neutral as long as GBP/USD does not close for week outside 1.9259-1.9915, trading range set during past 10 weeks. Any weekly close above 1.9915 would be medium-term bullish.
Trends:
Primary Tendency
The primary tendency remains bullish, started from Mar 06 with low at 1.7230 and high at 1.9800 in Dec 06.
Secondry Tendency
Uptrend has started from Oct 06, with low of 1.8535.
Minor Tendency
The pair has been trading in the range between 1.9483 and 1.9748.
Technical levels:
Resistance:
1.9915
1.9750
Support:
1.9480
1.9315