The GBPUSD followed a descending trend line lower for the majority of the week. The tone changed on Friday after the cross snaked above the trend line into the New York Close. The pair made short work of the weekly highs and pushed to test the 1.63 level before falling back into the weekly range. Heading into the new week Friday’s daily lows around 1.6230 and high near 1.63 will be key. A break of this low and the GBPUSD could be on its way towards 1.6170 once again. A push above resistance open the pair up to a move towards 1.64.
Sup 1.6230 1.6170
Res 1.63 1.64
Keane Plan…Watching Friday’s range for a break of either the low or high.
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