The daily GBP/USD chart shows a market that is in the 9th straight bullish trading session, the current one breaking above a declining trendline going back to August 2011. The next resistance is seen at 1.5770, highs established Nov. and Dec., 2011. In the short-term however, the market seems to be respecting overbought conditions so let’s take a look at the 1H chart to monitor this “throwback”. Looking at the 1H chart, we see that the throwback will be testing the broken resistance as it goes to the 50% retraecment level at about 1.5630. For the market to confirm the breakout, the market should hold above ... (full story)