The GBPUSD appears to be establishing a downwards slopping channel.  The top of the channel is around 1.6140 and the bottom is around 1.59.  Currently the pair is resting around mid range.  This could change in European trading Thursday with the GBP GDP release.  Expectations are for a YoY reading of -.5% and a QoQ reading of .6%.  If GDP is better than expected a break of immediate Res at 1.6050 could be in the cards.  This would open the way for a test of the top of the channel into the end of the week.  Support begins at the .382 fib at 1.60.

Sup   1.60

Res   1.6050

Keane Plan....Looking for a break of either 1.60 or 1.6050 to introduce support and resistance for the larger range.

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