The GBP/USD currency pair has printed a weekly engulfing candle (see fig 2), following on from the daily pinbar rejection at key 1.6300 area resistance earlier this week. Pound/dollar ended the week just above the previous 27/12/12 1.6074 swing low after finding interim support around the 61.8% Fibonacci retrace of 1.5826 > 1.6347 at 1.6025. Friday’s daily low of 1.6007 was unable to tag the round number. Cable bulls have managed to hold the pair above the psychological 1.600 handle for now. This is also an area where the ascending trend line drawn from the July and November lows is currently located. A sustained ... (full story)