Attached is the 1H chart of GBPUSD where, as expected, there has been tight ranging for the past 24 hours. The push up has been capped by strong resistance at 1.5930 and this has to be broken for any more upside.
On a personal basis, i dont see this resistance being broken and i guess we should have a down day today. If this pair does decide to go down, we should have strong support at around 1.5869. It will take a lot of effort to break this support but a break of this should make this pair go down to 1.5820 and then a break of this support should make this pair go down to 1.5750.
On the upside, a break of 1.5930 is needed for any more upside and a break of this, which is quite unlikely, should open up for further move to the strong psychological resistance at 1.6000.
For today, there might be a push up towards 1.5930 during Frankfurt followed by a fall during London. Lets see.
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