Nick Nasad
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GBP/USD - Pound Cracks Key Barrier, Looking at Weekly for Upside Targets

I've been watching and writing about the GBP/USD intently this week (see here and here), as it contested an important medium term level at 1.6250, and overnight, the GBP found enough juice to push through this key level.

If the Pound can manage to stay above that important 1.6250 level (turning a resistance level to support) then it bodes well for the opportunity for further gains in the pair.

We have to zoom out to a weekly chart to see where the key levels to the upside lie.

From the chart above we can see that we are now testing key highs from most of 2012, and the 1.6335 are is the first key resistance (and the most critical to what happens next). If it manages to push above the 2012 levels then the upside opens up with targets including 1.6465, 1.6540, 1.6615, and the highs from 2011 at 1.6735 to consider.