GBP/USD breaks above upward channel resistance, eyes 1.4400 levels

GBP/USD   made some gains on Friday as investors regained some risk appetite in the market called by halt in the oil slid. The pair shrugged of weak UK retail sales data which suffered its biggest year on year fall over six years.

• The cable has broken upward channel resistance and is moving towards higher. The currency pair is set to continue its upward momentum towards 1.4400 and 1.4440 levels later, as the pound has found renewed strength against US dollar in the short term. 
   
• On the data front, US will release existing home sales in a short while. If the figures print positive reading, the cable will likely make a short pullback towards lower levels. 
   
• Technically the RSI in the 4 hour chart is indicating upwards at 61, and the 55, 30 and 20 MA's is indicating upwards. Overall the technical indicators are depicting further uptrend for this pair.
  
  Recommendation: Go long around 1.4320, targets around 1.4400/1.4450, SL 1.4300
  
  Support levels: 1.4274 1.4246 1.4197
  
  Resistance levels: 1.4337 1.4397 1.4440