The GBPUSD has been in a strong uptrend since 19-May-2010. It has went past physological barrier of 1.5000 and is now testing the 1.6000 level. The long term trend of the GBPUSD is still bearish as long as the price stays below 1.7000.
The short to mid term outlook of the GBPUSD is bullish. The GBPUSD has increased by more than 1750 PIPS since 19-May. Last week trading closed at 1.5941 and failed to close above 1.6000.
We could look forward to enter a short on the failure to break 1.6000 with proper candlestick confirmation of a reversal. Another trade opportunity will be the entry of a buy when the price break above 1.6000 with confirmation from MACD or other indicator of a Buy signal.
