With GBP rallying strongly and taking out the 1.6683 level, further bullish offensive is expected. A hold above here will pave the way for a run at the 1.6785 level and then the 1.6822 level and next the 1.6900 level.
Its daily RSI is bullish and pointing higher supporting this view.
Conversely, support comes at the 1.3683 level where a reversal of roles is likely. Further down, support comes in at the 1.6600 level where a breach will target the 1.6553 level. Further down, support comes in at the 1.6500 level and subsequently the 1.6465 level.
A cut through here will aim at the 1.6400 level where a break will aim at the 1.6350 level. On the whole, GBP continues to retain its recovery tone.
Guest post by FX Tech Strategy