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GBP/USD: Challenging a Strong Support Area
GBP/USD is challenging its key support area between 1.5829 (15/11/2012 low) and 1.5755 (28/08/2012 low). In the short-term, the decline is overextended, suggesting that a rebound is likely. A break of the hourly resistance at 1.5893 (21/01/2013 high) would confirm this scenario.
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).