GBPUSD just will not go down! We are now testing the 2 & a half year trend line yet again at 1.6190/6200 for a selling opportunity. We are overbought & there is a good chance we turn lower but if we continue higher a test of this year's high at 1.6260 is on the cards.
A weekly close above here tonight is a strong breakout indicating gains for next week. In fact a close above 1.6200 is also positive. We still favour a drift lower to 1.6155/50. Below here good support at 1.6120 could hold the downside but below here a low for the day likely again at 1.6070.
Weekly outlook: Trying to hold a break above 1.6120 to target 1.6200 & possibly October highs at 1.6260. Support at 1.5920/00 but below here is more negative & can target good support at 1.5710.