The GBPUSD is about to run into an intersection where a decision will have to be made regarding future price action.  In late trading Monday the pair was resting near the descending trend line around 1.61.  This level was resistance until broken last month and now is support.  The pair is also currently pushing towards the rising trend line from last months 900 pips advance.  This TL currently rest around 1.6080.  A break back below these levels could expose the pair to a retrace to the fib levels from last months climb higher, starting at the .382 fib at 1.60.  Resistance begins at the top of the current range at 1.63.

Sup     1.61/1.6080

Res      1.63

Keane Plan...Watching the price action in the 1.61/6080 area.  Looking for a break lower.

Fibs           

.382                     1.60

.50                       1.5903

.618                     1.5808

To Access Yen Talk, Currency Watch Videos, Current Trade Setups and Current KEANE Trades Via Private Twitter Feed Click HERE

For a Free 1-week trial click HERE