GBP/USD - The Resistance at 1.6162 Has Been Broken
GBP/USD has broken the resistance at 1.6176 (intraday high), which opens the way for a further short-term rise. Another resistance stands at 1.6287. An initial support lies at 1.6129 (07/10/2014 high), while an hourly support can be found at 1.6027 (07/10/2014 low).
In the longer term, the collapse in prices after having reached 4-year highs has created a strong resistance at 1.7192, which is unlikely to be broken in the coming months. Despite the recent short-term bearish momentum, we favour a temporary rebound near the support at 1.5855 (12/11/2013 low). A resistance lies at 1.6525.