GBP/USD Still Above 1.55, Bullishness Potentially Targeting 1.58

GBP/USD (a daily chart of which is shown) as of Friday (7/30/2010) has consolidated above 1.5500, a prior resistance region that was broken to the upside earlier in the week. This occurs within the context of a strong accelerated uptrend extending originally from the 1.4230 area lows in May, and after price just hit a fresh 5-month high on Thursday. For more GBP/USD technical analysis, please click here.

James Chen, CTA, CMT

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