British Pound vs US Dollar Remains Near Key Support within Bullish Trend
GBP/USD (daily chart) as of January 9, 2013 has remained just above a key confluence of support around the important 1.6000 price region for the past several days. This occurs on a bearish correction after price was unable to close above the important 1.6300 resistance area just last week. By descending to 1.6000 support and stalling just above it, price has also hit a key uptrend support line that has been respected at least five times since its establishment at the June 2012 1.5266 low. With this strong confluence of support around 1.6000, a breakdown could be seen as a major price event for the pair, with the 1.5825 area (last hit in mid-November 2012) as a further potential support level to the downside. On any subsequent bounce around the 1.6000 area support confluence, which would leave the current uptrend intact, initial upside resistance potentially resides around the 1.6150 and then 1.6300 price regions.
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