Attached is the 1H chart for GBPUSD. This pair had a big fall yesterday. The last couple of weeks have confirmed the fact that 1.66 would be the medium term top for this pair and there cannot be any more upside to this pair unless and until 1.66 is broken.
As can be seen from the chart, this pair is now near a decent support and i expect some more ranging around this area. For today, i would expect a retrace to about 1.6380 and then the fall should continue again and i expect the price to go down to atleast 1.62 where a huge support exists.
On the upside, there is resistance at 1.6350 and then a strong one around 1.6380-1.64. I would expect price to reach around this region sometime during the day.
On the downside, there is support at 1.63. A break of this could lead to price moving down to 1.6240 and then to 1.6180-1.62 where a huge support exists.
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