Here's a rundown of the levels I'll be watching when the news hits the streets

GBPUSD

UP - 1.5675/80 has been keeping guard on the topside recently but it won't count for anything on big news. 1.5700 may also be too close to hold back the tide of any hawkish headlines. 1.5790/1.5800/1.5820 hold prior resistance with the Apr 2011 resistance line there too. From there 1.5880/1.5900 and the 2015 highs at 1.5930 represent the resistance before an attack on 1.60. The 55 mma sits in among that at 1.5913

Down - We have the 55, 100 & 200 H4 & H1 ma's, and the 55 dma all within a 13 pip range between 1.5585 & 1.5598. That might be enough to hold mildy dovish news. They've certainly added to the support picture from yesterday. Further down 1.5520 has seen some support and after 1.5500, 1.5480/85 is looking a good level. 1.5445/50 has also shown good S&R previously and has the 100 dma right there too. At 1.5420 we have Jan 2009 support. Should 1.5400 give out then we have a nice looking bag of support around 1.5345/50 from the broken Jan 2013 resistance line and May 2010 support. Just under that is the 200 dma at 1.5312

Anywhere down near those lower levels would have me thinking about adding to longs

GBPUSD daily chart

EURGBP

UP - The broken Jan 2007 and Mar 2015 support have been strong technical levels both ways and they sit at 0.7040 and 0.7090 respectively. From there to 0.7110/15 (S&R and 55 dma) looks decent resistance and it looks pretty think between there and 0.7280/0.7320. There's the 100 dma at 0.7160, a minor trendline at 0.7215, broken Jun 2006 support at 0.7280, res at 0.7300 and the 200 dma at 0.7319

Down - We're looking at a big hole down below with 0.6930 the year's low, which we're only 50 pips away from. We do get into an old range area from 2003 through 2008. Expect maybe some resistance around 0.6920 but really there's not a lot until the low 0.67's

The downside is looking more at risk even without todays events and there's a good chance of heading down to the extremely strong looking 0.6530/40 area

EURGBP daily chart

EURGBP monthly chart