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GBPUSD : Confirming the Bullish Trend

(GBPUSD : 4 Hour Chart)

GBPUSD finally broke out from the triangle consolidation breaking the resistance at 1.7061. The pair is currently above all the moving averages on the chart and still seems bullish. Weaker Dollar and growth in U.K.’s manufacturing sector supports the demand for British Pound. A Report from Markit showed that the U.K. manufacturing PMI rose 57.5 last month from the reading of 57 in May which economists were expecting to come down to 56.8.

(GBPUSD : Monthly Chart)

On the Monthly chart, the pair broke above the key resistance at 1.7061 and might surge up to 1.7427.