Attached is the 1H chart for GBPUSD. Similar to EURUSD, yesterday was a ranging day for GU as well considering all the news that has been lined up today. Today should be a fun day for all pairs and it should be more fun tomorrow as well with several pairs breaking out of ranges and pairs reversing their current trends. Its a pity that i wont be around for the next 2 trading days.
Anyway, coming back to GU, as can be seen from the ranging yesterday, the support is at 1.5015 and the resistance is at 1.5150. All the news today should break this pair out of this range.
As in EU, the strength so far shows that longs could be in serious play later in the day and i expect a breakout to the upside after all the news releases today. On the upside, the first resistance would of course be the highs of yesterday which is 1.5150. A break of this should clear the way for a move towards 1.54 with small resistances in between at 1.5250 and 1.53.
On the downside, we should have good support at 1.51 and 1.5010 and i do not expect 1.5010 to be broken today. If it does get broken, the next major support would be at 1.4900 and 1.4770.
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