The GBPUSD is up testing the next key resistance area at the 1.6177-826 area. Trendline, 200 hour MA and 50% of the move down from the April 30th high are all clustered at the area. Look for sellers against this level (profit taking) with stops on a move above. The next targets above would extend toward the high for the week at 1.6196 and the 61.8% of the move down at 1.62103.
Earlier the price broke above the well tested resistance trendline, 100 hour MA (blue line) and 38.2% retracement. This led to the momentum move higher. This is now support for the pair today (1.6154 and 1.6146). A move below these levels would likely trigger more selling.
