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GBPUSD : Might Continue to Surge

(GBPUSD : Monthly Chart)

GBPUSD is currently trading near five year highs and testing the resistance at 1.7045 in the monthly chart. In the stochastic oscillator the pair is in the oversold zone however there is currently no sign of downtrend as 100 day and 200 day SMAs are flat and 50 day SMA is moving in upward direction signaling the continuation of uptrend or sideways. 

(GBPUSD : Daily Chart)

If looking at the daily chart, the pair was consolidating within a descending triangle. The pair reversed the short term downtrend to uptrend breaking the resistance trend line of the triangle after the Fed statement and will find the resistance at 1.7045. All SMAs on the daily chart are signaling the continuation of uptrend. So we might expect the pair to move up to the next resistance in the monthly chart at 1.7472.