GBP/USD beat 1.5980/5985 to hit the next target of 1.6035 but has continued higher as predicted in our weekly report below, to 1.6096. If we can hold above 1.6080 we should target 1.6120 today but this could hold the move higher. Look for a high for the day to try shorts with stops above 1.6150. Next resistance then at 1.6180/6200 for a selling opportunity.
Below 1.6080 risks a slide to 1.6035 but if we dip as far as 1.5985 we should see a low for the day.
Weekly outlook: The pair sold off last week as expected but oversold now & could stage a recovery this week to 1.6040/60 & possibly 1.6120 for a selling opportunity. However a break lower could target 1.5730/5710 for an excellent buying opportunity.