The GBPUSD has been trading predominantly between the 1.5673 and 1.5700 level. The price is looking to extend the upside with the next targets at 1.57167 and 1.57415 (38.2 and 50% retracements). The 1.57415 was a floor area from earlier in the week and should be a key resistance level should the correction gather enough momentum.
What gave sellers a cause for pause was the holding of the 61.8% of the 2012 range. This level also corresponded with lows from February. A move above the 50% of the 2012 range would be a sign that something has changed in the current bearish environment.
