The strong uptrend started in august 2013 from 1.5 continues in 2014 as well and now GBP sits at 1.71

The level 1.71 has been a previous weekly resistance and now GBP seems to have broken it and continues rising above that.

Lets have a look at the charts.



The upward trending channel started in late 2013 and GBP finds good demand every time it comes back to the base of the channel.

Now GBP seems to be testing the 1.71 weekly resistance and break into 1.8-1.9 territory.

As the Scotland vote nears, GBP was expected to weaken, however, there are no technical signals so far.

The long trades on GBP crosses would be a good trade especially against JPY and CAD.

CAD also sits at an important level and does not look like it will strengthen more. Also JPY has very strong support at 101.5

So, I am long on GBPJPY and GBPCAD pairs form this level. Lets see how it turns out.
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