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GBP/USD: continues pushing higher

GBP/USD: continues pushing higher

Cable continues rising and the short term trend remains up. It is expected to continue given there are no signs of reversal. A decisive break above the 1.6259 highs would probably give confirmation of further upside, however, the next target higher is nearby at only 1.6300, from the upper border of the triangle. Price has now established its break above the lower border of the multi-year triangle, which is a bullish achievement overall. There are some potential red flags warning of weakness, however, for example, ADX(8) is at 61 warning that a very extreme level has been reached and the trend will probably start to consolidate. The gravestone doji yesterday is another bearish sign although there has been no follow-through. Overall the trend remains strongly bullish although there is also a chance of a sideways consolidation forming.

GBPUSD02

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