Price is trading below the cloud on the weekly charts. The GBP/USD pair initially tried to fall during the course of the week but found so much support at the 1.55 level that we were rocketed much higher. On top of that, the 1.58 level above was significant resistance and we broke above there. With that, I believe that the market continues to go higher, probably targeting the 1.60 level next, and then higher than that.

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk