GBP/USD declined sharply last Friday, negating the positive implications of the recent new highs. Supports stand at 1.6451 (22/01/2014 low) and 1.6396 (20/01/2014 low). A resistance now lies at 1.6668 (24/01/2014 high).
The break of the major resistance area between 1.6381 and 1.6466 favours a further long-term rise towards the major resistance at 1.7043 (05/08/2009 high). Given the overall overbought conditions, a break of this level is unlikely in the next weeks. A key support stands at 1.6305 (25/12/2014 low).