GBP/USD Will Likely Continue Testing 1.5800

As I thought it would earlier this week, the GBP/USD rally continued and the pair reached the resistance at 1.5800 which coincides with the (89)MA on the weekly filter chart. While the pair is currently in retracement that will possibly continue for a little while, I have little doubt that it will continue testing the resistance at 1.5800 and will likely break above that level. Should it do so we can expect the pair to continue climbing until it reaches 1.6000 – 1.6100. Not to mention that if you look at the multi-year range on the monthly filter chart you will notice that there is a serious possibility for GBP/USD to climb much higher than that.