GBP/USD - Pound reached target 1.6667

The Pound broke the resistance specified in yesterday’s report 1.6586 and successfully reached the first target 1.6667. The important of this target comes from the fact that it is Fibonacci 50% for the short-term. A break here would indicate moving towards Fibonacci 61.8% at 1.6717. This resistance deserves all of our attention for a good reason, which is that if it is broken, the odds favor that this rising move is more than just a correction. That would indicate more upside activity to come, targeting 1.6768 as a first stop on the way up. Short-term support is at 1.6646 and breaking it would indicate that the downtrend will resume after this rising correction (especially if it stops at or close enough to 1.6667 or 1.6717), which will give the bulls control again, to lead this pair to 1.6581 firstm and 1.6528 after that. All eyes on 1.6717!

Support:
• 1.6646: previous intraday support
• 1.6429: a well known previous support/resistance area.
• 1.6528: yesterday’s low.

Resistance:
• 1.6667: Fibonacci 50% for the short-term.
• 1.6717: Fibonacci 61.8% for the short-term.
• 1.6768: Nov 18th low, a well known resistance/support area.