After GBP/USD found support at 1.5850, the market rallied sharply during the 3/29 US and 3/30 European-Asian session. As we get into the 3/30 US session (Friday), the market has pushed above the previous resistance near 1.60. The RSI in the 4H chart has stayed above 40 since mid March, and has been able to tag or kiss 70, a sign of persistent bullish momentum since the rally began March 12/13.
The daily chart shows that the market is rallying toward a key resistance in the near the 1.6150 level. We might start seeing resistance at the 1.61 handle as well. From there, a conservative bearish outlook will be 1.60. While 1.6150 is a price pivot, the time pivot might come next week heading into the US Non-Farm Payroll. It might take the reaction after this risk event to assess whether the market can push above or will respect the 1.6150 resistance.
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