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JP Morgan: bullish on GBP/USD

Strategists at JP Morgan note that a straight extension of the GBP rally is increasingly likely but not confirmed yet. In their view, a break above the $1.7045/50 area (2009 high/2005 low) would open the way to $1.7330 or even to $1.7770. 

If the pair pulls down from the $1.7045/50 resistance area, they see a high chance of a pullback to $1.6315 or even to $1.6200 in the medium term. 


Chart. Monthly GBP/USD




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