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GBPUSD: With GBP maintaining firmly above the 1.5778 level, a return to the 1.5909 level is our likely bias. A turn above here will pave the way for a move further higher towards the 1.6000 level. Price hesitation may occur here and turn the pair back lower but if it breaks, expect further upside to shape up towards the 1.6112 level. The alternative scenario will for GBP to reverse its upside gains and return to the 1.5753 level. Below here could push it further lower towards the 1.5635 level. Further down, support comes in at the 1.5457/89 levels where a breach will open the door for further declines towards the 1.5391 level. On the whole, GBP has halted its corrective weakness suggesting further upside gains.

2012-08-30 01:47:06

Source: http://www.traderslog.com/forum/showthread.php?t=20950&goto=newpost