GBPUSD Making A Run At The 50 Fib

The GBPUSD rushed past the weekly high on Tuesday to test daily price resistance at 1.5750.  Just above this price rest the 50 fib from May's declines at 1.5782.  These two levels combined create a strong resistance zone between 1.5750/82.  This level should be difficult to crack ahead of the BOE minutes and the FOMC on Wednesday.  Support can be found at the weekly lows around 1.5615.  A break of this level could lead to a rapid decline towards 1.5450.  News will dictate price action with this pair so it may be wise to react rather than anticipate any moves.

Sup    1.5615

Res     1.5750/86

 

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