Whereas the EURUSD may suffer from more two way flows, the GBP has taken on safe haven flow. So when US data came out weak today, the GBPUSD rallied to new day highs and has been able to maintain the bullish bias.
The pair is up testing the underside of a broken trend line on the daily chart at the 1.5620 level. A move above (in Fact moving above the level as I type) targets the 1.56613 level. This is the 38.2% of the move down from the end of April high.
With the break to new highs now, I will look for the 1.5614-20 to now be support. Stay above and the trend continues with the bulls remaining in firm control.
