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With GBP still maintaining above its horizontal at the 1.6259 level, upside risk is envisaged. This leaves the pair threatening further upside leaving the 1.6398 level as the next upside.

Further out, resistance resides at the 1.6440 level, its Feb 03 2014 high where a breach will aim at the 1.6500 level.

On the other hand, the risk to this analysis will be a return below the 1.6259 level. Support lies at the 1.6217 level, its Dec 17 2013 low.

A cut through here will aim at the 1.6150 level. Further down, a breach will shift attention to the 1.6100 level and subsequently the 1.6050 level. On the whole, GBP continues to face bear threats though recovering.

GBPUSD

Guest post by FX Tech Strategy.

For more on the pound, see the cable forex forecast.