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Daily Technical Strategist: GBPUSD

GBPUSD: Looks For Direction.

GBPUSD:  The pair is looking for a clear direction as it continues to trade and hold within its established sideways trading range. GBP will have to break and close above the 1.6396 level  to resume its long term uptrend and open up further strength towards the 1.6455 level followed by the 1.6720 level. Above that level will turn risk towards its 1.7039 level, its 2009 high.  On the downside, a break below the 1.5964/35 levels is required to bring the pair out of its range and weaken further. In such a case, GBP will target the 1.5819 level, its Jan 19’2011 low and subsequently the 1.5700 level. All in all, GBP remains trapped within its range as it continues to look for a clear direction.