GBPUSD has cleared the top of a rising channel set from the lows in May but met a strong resistance of 61.8% retracement at 1.5966 from a swing high of August 2009 to swing low of May 2010. By the middle of the week the pair found support at T1 before attempting to break the resistance level on Friday to test the 1.60 psychological level on the heels of the non-farm payrolls (NFP) report, and establishing a new 6-month high for the pair.
The intraday and medium term sentiment is still bullish. A push above 1.60 is expected to carry the pair to 1.61. Support is at 1.5810.
