Attached is the 1H chart for GBPUSD. This pair has been having a huge fall during this week. The week started off fine for this pair but right from Tuesday, this pair has been having a huge fall and there seems to be nothing to stop it. Now, this pair rests at the support at 1.6110. This is a bit of a surprise for me that this support has been holding on for so long as , looking through the charts, there does not seem to be any major highs or lows at this price range.
So the fact that the price has been supported here for so long has been a surprise to me. Today should be very interesting for this pair as, if the pair finishes anywhere below 1.62, then it should form a huge weekly bearish pin bar which should indicate a huge fall in the coming weeks.
On the downside, there is support at 1.6110 and then a break of this could lead to 1.6080 and then a huge support at 1.60.
On the upside, we should see some good resistance at 1.6150 and then at 1.62 and then at 1.6250.
Unlike the Euro, i would not like to take any direction for this pair as Euro looks strong but this pair looks weak. Should be interesting though.
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