Support/Resistance of the Day - GBP/USD (8 June 2011)

H4 Chart

R3 1.6561
R2 1.6505
R1 1.6470
Pivot 1.6414
S1 1.6358
S2 1.6323
S3 1.6267

GU is playing around the support trendline in between R1 and S2 level. This happened might due to uncertainy on both GBP and USD and rarely we can see the MACD show no up or downtrend. GU is going sideway, there is one possibility that we should take caution, once the sideway movment broken, a big trend, either up or down might be created. the longer period of this sideway, the bigger movement in the future trend.