GBPUSD has broken above a very important level 1.6320 and it seems that its downward trend has now changed to upward trend. Currently 1.6320 will be acting as a strong support, both in daily and weekly charts.
The 1.6320 level is still important as if GBPUSD manages to break below it, then we will see GBPUSD taking a sharp dip towards 1.6100 level and resuming its downward trend. If GBPUSD manages to stay above 1.6320 level, then the upward trend will stay.
On the upper side, 1.6480 seems the first current resistance and after that 1.6590 and then 1.6720 are important resistances. The best thing to do in current situation would be to hold back trades for a while to allow GBPUSD settle its trend. Aggressive trades can be entered but use of stop level is highly recommended.
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