GBP/USD: Still long, still like it; 1.5750 critical resistance
I’m not sure that my timing is correct on this trade but I will persevere as I believe that the GBP is due for a serious correction against all of the other majors.
- The short-term charts are bullish and there has been no sign of any major dips despite the big gains (see chart).
- Crucial technical resistance at 1.5750; break and close above raises prospect of a double bottom (see chart).
- EUR/GBP is back below its pivot at .8600.