GBPUSD: While the pair’s broader bias may be pointing higher in the short term, it requires a break and hold above the 1.6130 level, its Dec 04’2012 high to resume that trend. This if seen will call for a push towards the 1.6172 level and then the 1.6215 level. Further out, resistance resides at the 1.6350 level followed by the 1.6400 level, its psycho levels. On the downside, if GBP fails to return above the 1.6130 level, further declines could develop towards 1.5987/60 levels. A violation of here will call for a run at the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside with a breach turning attention to the 1.5457 level. On the whole, GBP continues to hold on to its short term upside bias though facing bear threats.
