GBP/USD (daily chart) as of Monday (10/24/2011) has extended its rise up to the key 1.6000 psychological resistance level before backing off slightly. This occurs within the context of a steep bullish correction that began after price hit its 1.5270 low in early October. The current 2+ week bullishness has risen to more than 50% of the precipitous fall from the August 1.6616 high to the noted October 1.5270 low. Any subsequent further push to the upside that breaks above the 1.6000 level has an immediate resistance target around 1.6100, which is around the 61.8% Fibonacci retracement of the noted 1.6616-to-1.5270 ... (full story)