Attached is the 1H chart for GBPUSD. As in EU, this pair has also broken out of the range and has started its fall, though at a much lesser pace than EU which shows that this pair is quite strong when compared to EU.
But in any case, this pair has also broken the range. So we could see a retracement back to the support turned resistance and this could be a good place to place our shorts. So, we could see a retrace to 1.5950 and then we could see a drop.
On the downside, the support are at 1.5900 and then at 1.5870 and then at 1.5830.
On the upside, we should see resistance at 1.5960 and then at 1.6 and this price and 1.6050 has proved to be quite tough resistance for the past few days.
As for today, i expect a small retrace and then a drop towards the mid 1.58s.
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