GBPUSD development

From yestarday post, things haven't change so much. I was a little concern about a retracement in price but we should expect that due the big previous advance in price; maybe people taking profits or traders putting some shorts. By now, almost all the retracement has recover its value and for me, price is leading north.

In the 240 chart, we can see this in more detail. I expect that price continue to go higher and maybe find resistance @1.5300 due it's a round number and also is clearly near a previous high. We may also be troubled @1.5319 but with any major resistance ahead, more than likely price will intent to test march 17th high @1.5382. That price range coincides with last swing 1.272 fib expansion level @1.5370 leaving a narrow target zone.

Not so fast, though. Whether price may break this resistance levels, I'm seeing another trend line to break that could be annoying. If we analize the daily chart, I've drawn this resistance line and today's bar didn't break it. Although we have a long wick or tail in today's bar, which tells me that market is very bullish and probably price continue and break through this.

Nevertheless, price could retract even more. Just one bar I don't think is a lot. Price may go as low as 1.5000 level before leading upwards.

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