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GBPUSD : Stays Bullish if Able to Hold Gains Above 1.6273

GBPUSD : 4 Hour Chart

GBPUSD has confirmed a bullish trend by breaking both the resistances at 1.6273 and 1.6342 yesterday on the 4 hour chart. The pair is now above the 100 day SMA signaling a rebound. The pair trimmed some of its gains after the Fed cut its monthly bond buying program by another $10 billion resulting in the end of the stimulus program in October. However it again rise breaking above the resistance at 1.6342 after the official data showed that the U.K. Retail sales rose .4% last month in line with the economist's expectations. Market eyed the results of Scotland independence polls today.  

GBPUSD : Daily Chart

Looking at the daily chart, there seems a falling resistance trend line which might further resist the pair in rising above it as it did couple of time before also. The 50 day SMA on the daily chart is just about to cross below the 200 day SMA signaling a downtrend continuation. Therefore the pair might decline from this resistance trend line however the important point is to see whether the pair is able to hold gains above the support levels at 1.6342 or 1.6273.