GBPUSD also made a nice run up yesterday. It went till close to 1.4750 and as it happens usually, during the late US session and then the Asian session, price started to fall. One important aspect of the run up was that GU was able to break through major resistances yesterday. One of the major resistances was at 1.4648 and now, this price is serving as the support. As can be seen from the attached hourly chart, there has been a nice pull back from this support area and we have to see whether this bullish pin bar would work. You can also see a bearish pin bar at the top which did the trick earlier.
On the upside, we have further resistances at 1.47 and 1.4770. I expect ranging to take place between the current price and 1.4770 before any kind of breakout happens. As can be seen from the attached 4H chart, there has been ranging earlier also in the same price range and i expect the same now as well.
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