Nick Nasad
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GBP/USD - Test of Old Resistance as Support at 1.6255

Interesting to note what will happen here with the Pound.

  • After breaking above the 1.6255 area to end last week, the pair stalled out around 1.6465.
  • It now has moved back to that old resistance level. This therefore is an important test of the recent upswing as a hold here would turn that 1.6255 area from resistance to support, and show that the Pound is able to hold these higher levels.
  • However, if we slide below, it doesn't mean that the upward momentum is reversed. The middle of the recent range around 1.6060 would be a level that I Iook for as a support for the pair.