Yesterday was a big day for GBPUSD. It managed to break a resistance which had been proving to be very strong over the past few weeks. Attached is the 1H chart for GU. The resistance was at around 1.5350 and it had not been broken for quite sometime. Now it has finally been broken, and the bigger thing was that it managed to hold up over the resistance for the whole day.
We had a small retrace towards the small support at 1.5442 and it was indeed surprising that it has not revisited the broken resistance at 1.5350 as it usually does.
Anyway, looking ahead, 1.5350 should serve as a strong support and 1.55 should serve as strong resistance. GU has been trying to break 1.55 for quite sometime now and i assume its only a matter of time before its broken. This resistance has psychological value to it more than anything else.
We could also have a small retrace before the big move to break 1.55. On the downside, the support are at 1.5442 and then at 1.5380 and then at 1.5350 and i dont see 1.5350 being broken today.
On the upside, 1.55 should serve as good resistance and then next resistance is at 1.5625. 1.55 should serve as huge resistance though.
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