Daily Outlook for GBPUSD

Attached is the 1H chart for GBPUSD. As in EURUSD, this pair has also had a crazy couple of days wherein we saw a huge move up and we also saw a move which seemed a break of long term resistance at 1.66 but again we have seen a big move down based on bad news from GB and also due to good news from USA. As i write, it rests at a good resistance at 1.6418 and it would be an interesting next couple of days.

What has been curious over the last few days has been the fact that there has been so much ranging in so many pairs for so many days and yet, we are unclear about the direction. My medium term trend for both EU and GU is up but right now, these 2 pairs are caught between very strong supports and resistances and have been finding it difficult to break either of these.

For today, on the downside, the support is at 1.4018 and then at 1.6350 and then at 1.6250. On the upside, the resistances are at 1.6480 and then if this resistance is broken, we can again see an attempt at breaking 1.66.

For today, i expect some more ranging till the US news release later in the day and then the next course of direction would be determined.