The GBP/USD surged, as soon as it passed the resistance of the 1.3100 level. Soon after the event the rate touched the weekly R1 at the 1.3149 level. By the middle of Tuesday’s trading the rate was testing a strong resistance cluster at the 1.3160 level.
Near that level a Fibonacci retracement level and a dominant trend line of a large scale descending pattern are located at.
If this cluster gets broken, the pair will approach the 1.3200 level, which is providing psychological resistance and is being strengthened by the upper trend line of a the most largest scale channel down pattern. Zoom out to see the larger patterns better.
