GBP/USD 4H Chart 11/20/2012 10:05AM EDT
As far as upside and downside targets, here is the assessment copied from the previous update:
“Fibonacci retracement targets: A near-term bullish target is the 1.5960, 38.2% retracement level which is at some support pivots from early November consolidation. The 1.60 psychological handle is coincident with the 50% retracement level. Finally the 61.8% retracement of 1.6041 is also reinforced by a resistance pivot, and near the declining trendline noted above.
Downside risk: to the downside, there is still some room before a major support cluster around 1.5880-1.59. This area includes a previous support/resistance pivot, 50% retracement of the June-September rally, and a rising trendline from the June low of 1.5265.”