Another 26-Year High for Sterling

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