Forex Commentary: GBPUSD Remains Buoyant, 9th April 2013

GBPUSD – Sterling/dollar remains buoyant above key breakout level

The GBPUSD has held above the key support / breakout level near 1.5260 so far this week. We can see in the daily chart below that it’s formed “coiling” inside bars over the last two days as price continues to see sideways compression. If the market can remain buoyant above 1.5260 this week we could see price break higher from this inside bar trading strategy and extend the recent bullish momentum further to the upside. However, a daily close back below 1.5260 would nullify this setup and turn us more neutral on this market.

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