British Pound vs US Dollar Sustains Bullish Bias
GBP/USD (daily chart) as of December 3, 2012 has continued to sustain its bullish bias by making a substantial advance after having had daily closes above the key 1.6000 level for the entire past week. This significant move to the upside occurs after price broke out above several resistance areas, including the 1.6000 level, the 50-day moving average, and an important downtrend resistance line extending back to the September 1.6300 region high. This all occurs within the context of a well-established bullish trend extending back to the June 1.5265 area low. With potential near-term resistance residing around the key 1.6150 level, any further upside momentum that breaks out above that resistance could move towards yet another re-test of the 1.6300 resistance region, first established in April and re-tested for the first time in September. To the downside, the key 1.6000 level continues to serve as potential support within the context of the bullish trend.
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