GBP/USD Technical Analysis September 15th

This pair has been in a trading range for several months without a break out with the exception of a short break out in the first couple of days in August. The pair at that point went right into the same range that it had been trading in before. Now we can see on the daily chart that there is a diagonal upward trend line on the bottom of the chart. Watch that line to act as a support level that the pair may bounce off of and continue to have upward movement to the resistance level of 1.6745 The current support level is 1.6113 so if the diagonal trend line gets taken out our downside target will be the support level of 1.6113. The current resistance level is 1.6745 which if that gets broken to the upside we will have a target price of 1.7070 which was reached on August 5th of 2009.