GBP/USD: Bullish Breakout at 1.6178
GBP/USD has broken the resistance at 1.6178, which opens the way for a test of the strong resistance at 1.6302. Hourly supports can be found at 1.6153 (17/12/2012 low) and 1.6085 (13/12/2012 low).
GBP/USD is moving in a long-term horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high). The general overbought conditions suggest that a break to the upside is unlikely in the next few weeks.