GBPUSD broke above 1.6620 resistance, suggesting that the downward movement from 1.6684 had completed.

Further rise to test 1.6684 resistance could be expected, a break above this level will signal resumption of the longer term uptrend from 1.6465, then next target would at 1.6800 area. Support is now at 1.6553, only break below this level could trigger another fall to 1.6500 zone.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling, minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling with the shares representing a cost-effective investment relative to investing in the FOREX market.

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