The 1.6000 is the 50% of the move up from the 2013 low to the 2014 high (it really comes in at 1.60009). The sharp fall post the FOMC decision has the price back down testing this key level (the low is 1.60048).
GBPUSD stalls at the 1.6000 level.
The 200 week moving average comes in at 1.60018 this week. The price of the GBPUSD has traded above and below these two level at some point in the last 4 trading weeks. Although relatively speaking the time spent below the 1.6000 level have been relatively less than the time spent above. It seemed like the pair might move away from the these levels in trading this week, but that was not to be. The 1.6000 level has yet to be broken of course.
Close resistance now will be eyed at the 1.60277 level which is the 50% of the move up from the October 15 low. Stay below, and a move through the 1.6000 will be a matter of time. Move above and shorts might square up and take a wait and see approach toward the pair.
This is a key area.
A move below and then below last weeks low at the 1.5991 will have traders eyeing 1.5950 which was lows from earlier this month and also near low from October 16th. Then all eyes will be on the years lows at the 1.58734 level.