The GBP/USD pair has rebounded from the lows and found its way back up into the range above 1.5900. It now looks like the move below the neckline at 1.5900 was a false break. The range highs are at 1.6110 and provide a possible target higher; a move above them would be very bullish. There is resistance at the current level however, so it is also possible the pair might pull-back down towards the 1.5900 level again – or 1.5980 initially, with a move below 1.60125 providing confirmation. Overall, the trend is sideways in the short-term and will probably continue, although there is much data out today which could cause some powerful moves.
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