In analysis of the GBPUSD pair, technicians point to the relative strength index (RSI) to gauge prevailing market sentiment. Current readings show overbought levels, conveying an overtly bullish undertone.
[I][U]Technical: [/U][/I][B]GBP/USD[/B]
[B]Resistance:[/B] 2.0450
[B]Support:[/B] 2.0110
As classical technical analysis states, previous levels of resistance may be used as support and visa-versa. Below is a graphical depiction of this steadfast practice, as the major resistance levels of 1.9600 and 2.0000 have now become valid levels of support for the GBPUSD.
See [I]Daily Technicals [/I]for further insight