According to the technical analyst team at ICN.com, “The bounce started at the weekly PP at 1.6165 is still in progress, though we should be prudent after the GBP/USD touched its initial resistance at 1.6300. Indeed, a daily or rather a weekly closing above 1.6300 will change our suggested double top Bat pattern into a Crab pattern and then, the CD leg will extend. Therefore, we hold onto our neutrality due to the sensitivity of the current trading levels; noting that a push back below 1.6180 will activate a bearish scenario.”
Having repeatedly approached resistance at 1.6300, ICN.com analysts point to additional means of resistance at 1.6350 and 1.6390. In terms of data, no further economic indicators are expected out of the United States or Great Britain for the duration of Fridays session.