Technical forecast for GBP/USD

GBPUSD held trend line support at 1.5895/85 & shot higher on the FOMC to reach 1.6163. A break above 1.6178 today signals further gains towards a target of 1.6225/30 & may be as far as 1.6260/70 before the end of the week.

Immediate support is 1.6095 but below here risks a slide 1.6055/45. This should hold the downside so look for a bounce from here, but any longs need stops below 1.6020 for a buying opportunity at the next support at 1.5990. Exit shorts & try longs with stops below 1.5960.