Pound Ripping Through 2.0400

[B]Resistance: 2.0450
Support: 2.0110[/B]
Technically orientated traders utilize Bollinger bands to identify trend strength and range[I]. GBPUSD[/I] is currently trading along the top two-standard deviation band and classic technical analysis teaches us that when a trend hits or breaches the top band that a retracement back into congestion is imminent. Using the Fibonacci levels as support and resistance the 38.2% level of 2.011 is deemed a significant support level for the pair going forward.