Attached is the 1H chart for GBPUSD. As can be seen fropm the chart, right from the open of today, we have been seeing consolidation in GU. Like EU, GU also seems to be getting ready for another run up. But for now, there seems to be some good resistance at 1.6235 though i believe that this resistance would only be for the short term.
On the downside, GU has some good support at 1.62 and then further down at 1.6120 though i do not expect GU to reach this level today.
On the upper side, GU has some good resistance at 1.6235 and a clear break of that will cause GU to move higher. I dont see any major resistance for this pair till it reaches 1.65 and so a long here with target of 1.65 seems like a good swing trade.
Lets see how this plays out today.
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