Last Friday, the sterling met a strong resistance at the 200 days MA from the one hour chart, building a short trend with January 19th high that could come into play today, if the pair turns and builds a support at 1.61. On the way, it will meet with the Fibonacci retracements, marked from Friday's high to low, where we highlight the fibo 38.2 and the area between the fibo 61.8 and fibo 50, which coincide with the significant resistances that will send the price to break Friday's low. Below, we see on the daily chart how the pair is trying to hold the fibo 61.8, marked from the month's low to high. If it's cleared, the pair could go back to the origin of the movement, at 1.59. In the way, we highlight the levels at 1.6078/52/31/09.

GBPUSD