The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicated high probability that the upper limit around 1.6160 would be visited.
The GBP/USD pair is now consolidating just higher than the previous week's high 1.6125 recording a high at 1.6144 which got hit shortly before. Further bullish domination requires fixation above 1.6125for the rest of the day.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards price zone between 50% and 61.8% Fibonacci levels, fixation above 1.6040 (61.8% of Fibonacci) enabled the GBP/USD pair to reach 1.6062, 1.6085, and probably on its way to hit 1.6180.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 is necessary to maintain the long-term bearish movement.
Price zone 1.6160-1.6180 is rendered a strong daily resistance. That is why it should be watched for bearish price action.
Technical resistance levels: 1.6160 1.6185, and 1.6320.
Technical support levels: 1.6080, 1.5996 1.5873, and 1.5740.