$GBPUSD

$GBPUSD  closed higher on Wednesday confirming yesterday's breakout above the upper boundary of this summer's trading range crossing at 1.5773. The high-range close sets the stage for a steady to higher opening when Thursday's night session begins trading. 

Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally the 62% retracement level of the April-June decline crossing at 1.5891 is the next upside target. Closes below the 20-day moving average crossing at 1.5676 would confirm that a short-term top has been posted. 

First resistance is today's high crossing at 1.5872. 

Second resistance is the 62% retracement level of the April-June decline crossing at 1.5891. 

First support is the 20-day moving average crossing at 1.5676. 

Second support is the reaction low crossing at 1.5488.