GBP Index set for further strength

GBP Index set for further strength
Written by:
John Adam
4th July 2014
Updated: 5th March 2020

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We had a slight pull back to fib expansion support before a further rally back to highs and now look set for further GBP strength so long as EURGBP does not see major profit taking to push the cross higher. If I were to trade EURGBP counter-trend this is exactly where I would enter long so we should be cautious of being too bullish GBP for the time being. The 161.8% GBP% index fib expansion showing GBPUSD 1.7170 as a key resistance may hold us now that all of this weeks big data is out of the way and the failure to print a further high for the index may now see some profit taking if the dollar strength is now set in for the time being.. I am bullish GBP but suspect this is a short term top
**GBP% Index Resistance: GBPUSD 1.7170, 1.7287**
**GBP% Index Support: GBPUSD 1.7041, 1.7019**
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