GBPUSD hit its high around 1.5 and poked its head a bit above that. There was a failure at this level and price came down. Both the weekly and daily chart would show that there is strong support at 1.4648. The daily chart would also reveal that everytime price approached this support level, there has been good buying and the price has been pushed back above. The upcoming week should be interesting to see if the support at 1.4648 holds. If it does not, then we could go down all the way to 1.42. If the support does hold, then we could see some ranging next week between 1.46 and 1.50.
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