GBP / USD – Technical Analysis – Heading Up?

The last few months have seen the AUD/USD rise strongly before a recent slide and the EUR/USD struggle before a recent break above 1.24.  During this time the GBP/USD has been relatively stable establishing and trading within a range between 1.55 and 1.57.  Within the last couple of weeks, the Cable has been able to finally break through and stay above the medium term resistance level at 1.57.  It ran into a brick wall at 1.59 and has recovered well during the last couple of days.

Having recently broken through the medium term resistance level at 1.57, the GBP/USD has done well to maintain its price comfortably above this level.  This level is now likely to become a support level although over the short term, the 1.5750 to 1.58 area appears to be holding it up well as it presently hovers a touch above 1.58. (Daily chart below)

GBP/USD Technical

• During the early hours of the Asian trading session on Thursday, the GBP/USD has been quiet and trading very flat as it hovers around 1.5830.
• Short term, the 1.58 level has been offering some support and the 1.57 is likely to offer support over the medium term having previously been a strong resistance level for several months.
• Current range: Maintaining above 1.5700 and in the short term, sitting above 1.58.  With the support expected at 1.57, will the cable begin a push back up towards 1.60?

Further levels in both directions:

• Below: 1.5800, 1.5700, and 1.55.
• Above: 1.5900 and 1.6000.

• Should the GBP/ USD be able to maintain its price above the present significant level at 1.5700, then a return back to 1.60 is possible.