Looking through the daily charts, I saw that at the 1.66XXX range back in 10/30/2008 the pair hit resistance. Would it be safe to say there would be a continued drop to the 1.55XXX range where the currency had support back in 10/24/2008?
Trends in the moving averages also seem to be at the start of a short spell.
I’m trying to get a better grasp of the S/R methodology and usage so if you have any good pointers please share 
There is no doubt that today is a bad day for the gbp. Not only the US employment data affected it, but also the turmoil in Gordon Brown’s government, after several ministers resigned. According to the Relative Strength Index the pair is around the overbought area. If the trend stays intact, the next targets will be at 1.5950.
I read about the news earlier and took that into consideration, but how did you come up with the next target?
There is a S+R zone around the 1.56xx-1.57xx area that was hit in Dec of last year. This is a long-term S+R area with history going back many years, so it will probably have some affect on the price before it gets down to the 1.55xx range.