Will the GBP gain some more on the USD?

GBPUSD Outlook
Yesterday, the Sterling fight back against US Dollar, made more than 200 pips movement. From fundamental point of view, some believe that this is caused by a report that BOE may announce a plan to help the British economy/financial. From technical point of view, I am forced to change my model to mixed with upside bias, since the pair already broke the trend line (see Chart no.1). We will see in days ahead, whether this is valid or false trend line break out caused by temporarily market sentiment as a reaction to BOE plan. On the daily chart, CCI is about to cross 100 line. This could be a warning for possibly further upside movement and even change of GBPUSD trend direction. The key level is 1.9990 area (61.9 % Fibonacci retracement from 1.9336 to 2.0397)

Chart no.1

GBPUSD Daily Supports and Resistances:

• S1= 1.9749
• S2= 1.9603
• S3= 1.9516
• R1= 1.9982
• R2= 2.0069
• R3= 2.0215

ref: BOE- Bank of England