We have to assume a push higher is still possible despite the emergence of potential topping patterns, however, we would ideally seek a break above the 1.3050 highs for confirmation first.
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"There is still scope for further upside in the near term. The long-term downtrend currently stands at approximately 1.35" - Bill McNamara at Charles Stanley.
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The Dollar is looking firm at the start of the new week with gains being registered against both the Euro and US Dollar.
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The US Dollar have regained composure and reversed some of its recent falls thanks to the release of some solid US economic data over the course of the past 24 hours.
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Pound Sterling has seen a dramatic reversal shape up against a resurgent US Dollar in late trade on Thursday, May 18.
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Pound Sterling retains a positive setup against the US Dollar and we are told there is a good chance that the GBP/USD exchange rate could break into fresh air above 1.30 soon.
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The Pound started the new week with another attempted rush into the mid-1.29s with traders inevitable eyeing out that big 1.30 figure.
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