Cable continued the bullish mood that started since Thursday of the previous week. It moved toward the upper resistance line of ascending channel and on Thursday it reached the target upper T2 and make a price correction on the 20 EMA.
By end of the week, cable managed to test the strong resistance level at 1.5708 and the 50% retracement of swing high of 5th August 2009 and swing low of 20th May 2010.
Given that US dollar is getting weaker, GBP/USD is expected to continue its uptrend next week. The resistance level is at 1.5838 with support at 1.5527 .
