GBP USD Hits 50% Level at 1.6508

The GBP USD enjoyed early gains today based on friendly comments from the Bank of England minutes but is now showing signs of topping.

The GBP USD enjoyed early gains today based on friendly comments from the Bank of England minutes. 

After the Fed FOMC announcement, the GBP USD spiked up to 1.6467 before meeting heavy selling pressure.  This rally took the market to slightly above a key 50% area at 1.6436.

Based on the short-term main range of 1.6741 to 1.6132, traders should continue to treat 1.6436 to 1.6508 as key resistance.

Traders should look for a break back to at least 1.6300 based on the current chart formation.