GBPUSD: GBP extended its recovery during Wednesday trading session leaving risk of more strength to occur. However, watch out for its overhead resistance located at the 1.5336 zone. This level is significant on the weekly chart. Price hesitation ahead or at that level cannot be ruled out. The pair current bullish price action leaves risk higher towards the 1.5350 level.
Further out, resistance resides at the 1.5400 level followed by the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Below here will set the stage for more weakness towards the 1.5100 level. On the whole, GBP faces the risk of further upside on correction.
