Attached is the 1H chart of GBPUSD. This pair, like EU, also has been showing some good strength. The comments from King does seem to have affected it and hence there was quite a big fall of about 300 pips but this fall only provided us an opportunity to buy cheap.
This pair does seem to have a strong support at 1.51 and for now, as can be seen from the charts, this pair has been trading in a small range for quite a few hours now. There seems to be a small support at 1.5215 for now.
On the downside, the major support are at 1.52 and then at 1.5137 followed by a huge support at 1.5075. This last support is a big support and is unlikely to be broken in a hurry.
On the upside, the resistances are at 1.5250, 1.53 and a major resistance, with previous highs, at around 1.5340. This last major resistance needs to be broken for any more upside.
For today, i have an upside bias and i expect a small retracement back into 1.51s and then a move above 1.5250. It would be interesting to see whether the previous highs at 1.5335 is taken out convincingly and if they are, we should be in for a big ride.
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