At the time of writing, the GBP is trending at 1.5893 as risk-on trade intensifies before the London secession opened.
It is easily seen that the currency pair GBP/USD once reached its 3 week lows yesterday, but it is able to rebound strongly from the boundaries of 1.5800-creating almost 100 crazy pips because of the increasing risk appetite in detriment of the USD.
After the BoE has left unchanged the lending benchmark and the APP last week, GBP has gained strength greatly for the positive data from the retail and housing sectors. Ahead in this week, GBP traders should pay attention to the Producer Price Index, which would be due in the UK.
Possible Resistance: 1.5931, and then 1.6063; Possible Support: 1.5808, and then 1.5801.