GBPUSD Outlook

After some consolidation movement last week, the GBPUSD continued it’s bullish scenario on Friday. On hourly chart below we can see that after break above 1.6000 key level the pair topped at 1.6198 and close at 1.6186. The bias is bullish in nearest term targeting 1.6290. However, we seem to have a good resistance area at 1.6198 (Friday and November 5th 2008 high). We need a consistent movement above that area to confirm further bullish scenario. CCI in overbought area and heading down suggesting a potential downside rebound testing 1.6130 - 1.6090 support area.