GBP/USD – 1.6067 holds!

The support at 1.6067 held, which caused the Pound to rise breaking the resistance specified in yesterday’s report 1.6120, and successfully reaching the first target 1.6204. Today, we will stay focused on the possibility of a retest for the broken trend line which is currently at 1.6020. But before that we notice short term support at 1.6098. If this support is broken, we will drop with the Pound in an attempt to retest the broken trend line, which is currently at 1.6020 as we said. Breaking this line to the downside will damage the technical outlook, giving a chance to reach 1.5919 at least. But if the price manages to go up, and break the resistance 1.6152, this pair will have enough strength to jump to 1.6247, and then enter the medium term retracement levels area, and the first of which that we pay attention to is 1.6353.

Support:
• 1.6098: Fibonacci 61.8% for micro-term.
• 1.6020: retest level of the falling channel that was broken yesterday.
• 1.5919: Dec 22nd low.

Resistance:
• 1.6152: Fibonacci 50% for the short term.
• 1.6247: Dec 18th high.
• 1.6353: Fibonacci 50% for the medium term (the drop from 1.6875 to 1.5830).