$GBPUSD was higher due to short covering overnight as it consolidates some of last week's decline.
Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.5980 are needed to confirm that a
short-term top has been posted. If March renews the rally off November's low, November's high crossing at 1.6140 is the next upside target.
short-term top has been posted. If March renews the rally off November's low, November's high crossing at 1.6140 is the next upside target.
First resistance is November's high crossing at 1.6140.
Second resistance is the reaction high crossing at 1.6165.
First support is the 20-day moving average crossing at 1.5980.
Second support is the reaction low crossing at 1.5903.
