The GBPUSD after working all week to climb up towards 1.5847 resistance level, fell aggressively back to the 50 Fib at 1.5783 on Thursday.  The pair has settled in at the 50 Fib for the New York close.  This is rather fitting heading into Jackson Hole.  It presents the GBPUSD another opportunity to play the Fibs.  A weak dollar scenario could see a push up to the .618 fib at 1.5904 once again.  If monetary stimulus is placed on hold the cross could drift down towards the .382 Fib at 1.5660.

Res   1.5904

Pivot 1.5782

Sup  1.5660

 

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