The pair made a run towards the 50 fib from the April highs at 1.6058 but turned up a bit short.  Risk sentiment reversed after the European close in New York helping the majors rally from the lows of the day.  The GBPUSD went so far to break back above the 1.6115 past support level.  Heading forward a strong support zone has been created starting at daily price support at 1.6080 and capped by the 50 fib at 1.6058.  Resistance is once again at the 1.62 level.  Keep in mind that heading into European trading the Bank of England Rate Decision and Asset Purchase Report are due for release.  Any increase in the asset program should send the pair lower.

Sup    1.6080/58

Res     1.62