The GBPUSD broke below support at 1.6170 on Wednesday without much fan fare.  Below this level rest a trifecta of support levels that could hinder the pairs decline.  The monthly trend line that has acted as resistance for over a year is now support around 1.6110.  The ascending trend line from September's climb higher rests at 1.6060.  Followed by daily price support at 1.6050.  A break of these levels will be a clear sign of a reversal to the downside.  Resistance now begins at 1.6170 followed by 1.6330.

Sup   1.6110                1.6060/50

Res    1.6170                1.63

Keane  Plan.....Support is scattered below this level...Watching price action at these levels.  A push back above 1.6170 favors a move higher.

 

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