According to Analyst Slobodan Drvenica at Windsor Brokers Ltd., “The pair has consolidated yesterday’s gains that broke above two-month range top and cracked our initial target at 1.5800. A shallow reversal on overbought hourly conditions has so far been contained by strong support near the GBP/USD’s 20 day EMA and a previous range ceiling at 1.5775. Keeping the upside in focus, however, the hourly indicators are still pointing lower and extended conditions on 4h chart do not rule out further corrective action.”
Briefing the technicals, the pair is currently testing the 1.5803 resistance level, though a break above this will enable additional means at 1.5847 and 1.5900. In regards to a pullback, supports are provided at 1.5765, 1.5743, and finally 1.5722.