Support/Resistance of the Day - GBP/USD (6 June 2011)

H4 Chart

R3 1.6534
R2 1.6476
R1 1.6440
Pivot 1.6382
S1 1.6324
S2 1.6288
S3 1.6230

GU fall beyond support trendline (yellow) once but pull back to above same support level and not going to test this support line again. Due to the negative USD news on last Friday, GU might get more sterngth for this week and it might go to test R2 or R3 level after rebounce from the trendline. However, wait for the confirmed trend after it touch the trendline before enter any trade.