GBP/USD: Approaching The Key Resistance at 1.6260
GBP/USD is close to the key resistance at 1.6260. An initial support can be found at 1.6177 (22/11/2013 low). Other supports can be found at 1.6109 (intraday low, see also the rising channel) and 1.6073.
In the medium-term, prices are moving within the horizontal range defined by the support at 1.5894/1.5855 and the resistance at 1.6260 (01/10/2013 high).
In the longer term, given the deep overbought conditions, we continue to see a limited upside potential near the resistance at 1.6260 (01/10/2013 high). A decisive break of the support at 1.5894 is needed to deteriorate the long-term technical structure.