Attached is the 1H chart for GBPUSD. Like EU, this pair also had a nice fall from its highs yesterday. This is probably the third or the fourth time that the price has fallen from the highs at around 1.66 and this shows that this resistance region is very very strong. But as more and more attempts are made at this resistance region, it will become weaker and weaker and it will eventually have to break and give way. Lets see how many more attempts are going to be made at this resistance.
Attached is the 4H chart as well and you can see repeated attempts being made at the resistance at 1.66 and finally the price failed to break it and hence it fell down. Since then, the price has moved down to around 1.63 which has been a region of support and lot of traffic as well and then we have had the bounce up now.
As for today, i would expect some more movement down and this move down could go down as far as 1.63. 1.64 would be quite crucial and if it does break, then we should go down to 1.63.
On the downside, as mentioned above, we have support at 1.64 and then at 1.6350 and then at 1.63. On the upside, we should have resistance at around 1.6460 and then at 1.65, 1.6540 and then a huge resistance at 1.66 which i dont expect to be broken, atleast today.
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