February 25, 2014 – GBP/USD (daily chart) has attempted to advance again this week to regain some of the ground lost on its recent pullback from the four-year high of 1.6821, which was just established early last week. That pullback hit a low of 1.6582 on Monday, which was also around the 38% retracement of the most recent bullish run, before making a tentative rebound. This occurs within the context of a strong bullish trend that extends back to the July 2013 low around 1.4800. Despite having dipped below its 50-day moving average in early February, the subsequent sharp rally has placed the currency pair far above both its 50-day and 200-day moving averages, indicating a continued bullish bias. To the upside, the 1.6750 level continues to serve as major resistance. A re-break above that level would put the currency pair on track to re-test the noted four-year high of 1.6821 – a breakout above which would confirm an uptrend continuation with a further upside target around the 1.7000 level. In the event that the pair pulls back further, below the noted Monday low of 1.6582, key support further to the downside resides around 1.6500, which is also the current level of the 50-day moving average. James Chen, CMT Chief Technical Strategist City Index Group Forex trading involves a substantial risk of loss and is not suitable for all investors. This information is being provided only for general market commentary and does not constitute investment trading advice. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. James Chen James Chen James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press. View All Post By James Chen Forex News Today: Daily Trading News share Read Next NZD/USD: Trading the New Zealand Trade Feb 2014 Kenny Fisher 8 years February 25, 2014 - GBP/USD (daily chart) has attempted to advance again this week to regain some of the ground lost on its recent pullback from the four-year high of 1.6821, which was just established early last week. That pullback hit a low of 1.6582 on Monday, which was also around the 38% retracement of the most recent bullish run, before making a tentative rebound. This occurs within the context of a strong bullish trend that extends back to the July 2013 low around 1.4800. Despite having dipped below its 50-day moving average in early February, the subsequent sharp rally… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.