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As we have been talking for the last two weeks in the daily Wrap up Webinar, Gbp/Usd, has been trapped in a consolidation range yet following a previous bullish trend. Take a look at this daily chart, and you will see that more clearly. Now, we started the week, not only above the range, but also above the 61.8% retracement of the last weekly fall 1.8670/1.3502, suggesting more upside coming ahead. A bit over extended in the daily, some downside correction seems likely, and only clear break under 1.6550 could harm the bias. For today, consider resistances at 1.6880 today’s high, followed by 1.6910 and above 1.6960. Supports will be at 1.6775, 1.6740 and 1.6700.
