GBP/USD: possible resumption of up-trend

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Cable has recovered and risen up strongly today, moving from 1.6307 to 1.6444 in under an hour, as a result of a particularly positive U.K retail sales report. This has probably signalled a resumption of the dominant short-term up-trend, after the completion of a classic A-B-C correction from the 1.6600 highs. A recovery above 1.6470, would clear the monthly pivot currently blocking further upside, break the sequence of lower highs, and provide more cast-iron confirmation of a resumption of the dominant trend. The next target higher is at the 1.6600 highs.

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I am a forex analyst, trader and writer. I have had a careeer writing articles for websites and journals, starting in the travel sector and then in Forex.I use a combination of techncial and fundamental analysis in my forecasting. When I joined Forex4you in 2010 I thought it was a great opportunity to work as an analyst for an international broker. Every day I provide market tips, analysis and articles to clients of Forex4you which you can find on this blog: good luck and happy trading!