GBP/USD: Making New Highs
GBP/USD is moving above its resistance at 1.6179. Monitor the strong resistance area between 1.6302 and 1.6381. An initial support is at 1.6129 (intraday low). A key support stands at 1.5956.
In the longer term, prices are close to the strong resistance area between 1.6302 (30/04/2012 high) and 1.6381 (see also the longterm declining trendlines). Given the increasing overbought conditions, we would be mediumterm cautious on GBP/USD, as it has already priced in a lot of positive news.