GBP/USD: Sharp Bounce
GBP/USD moved sharply higher yesterday. Resistances can be found at 1.5222 (28/02/2013 high) and 1.5321 (22/02/2013 high). Hourly supports are at 1.4958 (intraday high) and 1.4832 (12/03/2013 low).
In the longer-term, the break of the horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high) calls for a medium-term decline towards 1.4231 (20/05/2012 low). A break of the resistance at 1.5321 is needed to negate this bearish outlook.