Attached is the 1H chart of GBPUSD. It continues to have its wild swings. Yesterday we saw it moving up to 1.4950 and then it went down to its support at 1.47 and has now come back up again.
As you can see from the chart, we have strong support at 1.4770 and we have seen price hovering around this support for several hours now. The fact that this support has not been broken cleanly yet over the past several hours shows that there is good strength and hence we may have another leg up sometime today.
On the upside, we could have targets at 1.4850, 1.49 and then there should be stiff resistance at yesterdays high at around 1.4960 and then at 1.5 as it is a round number.
On the downside, we should have strong support at 1.4770, then at 1.47 and finally a strong support at 1.4648.
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