GBP/USD Forecast May 1, 2014, Technical Analysis

The GBP/USD pair broke out to the upside during the session on Wednesday, and as a result we feel that the next leg higher has started. This should send this market to the 1.70 handle given enough time, that’s exactly what we are aiming for. We believe that buying in this general vicinity in the short term pullback is probably the way to go, and as a result are “buy only” at this point. We believe that the 1.68 level will continue to offer support, and could possibly be the “floor” in this market now.