As noted yesterday the 1.6599 held the upmove. The GBPUSD remains contained with a Bull flag formation developing. The bottom trendline comes in at 1.6504. The topside comes in at the 1.6568 level currently. Normally I would trade this off the trendline but I would prefer to see which trendline is broken due to the .786 fibo being the fib that held the upward move ( typically a bear situation). A break should lead to further momentum in the direction of the break. The downside target comes in at the 1.6431 then 1.6356 . A break on the topside will look toward the 1.6600 area as the 1st target with additional resistance at 1.6620 and the R5 at 1.6665.
