GBP/USD Forecast April 8, 2014, Technical Analysis

The GBP/USD pair rose during the session on Monday, breaking above the 1.66 level again. This market appears as if it is ready to continue going higher, ultimately testing the 1.70 level given enough time. However, there are quite a few areas above that could cause bits of resistance, so we feel that the ride higher is going to be a bit choppy to say the least. Pullbacks will offer buying opportunities going forward, and the 1.65 level below should continue to be the “floor” in this market, and as a result we are “buy only” in this market.