$GBPUSD

GBPUSD closed higher due to short covering on Friday as it bounces off the 87% retracement level of 2012's rally crossing at 1.5478. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. 

Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends this year's decline, last May's low crossing at 1.5360 is the next downside target. Closes above the 20-day moving average crossing at 1.5717 are needed to confirm that a short-term low has been posted. 

First resistance is the 10-day moving average crossing at 1.5642. 

Second resistance is the 20-day moving average crossing at 1.5717. 

First support is today's low crossing at 1.5459. 

Second support is last May's low crossing at 1.5360.