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The GBP/USD pair rose during the session on Wednesday as the rally continued. The 1.61 level offered resistance though, and we have formed a bit of a shooting star. We don't think that any fall from this area will be more than a simple buying opportunity, and we also believe that the "floor" in this marketplace right now is 1.60 handle.
The Bank of England is nowhere near easing right now, and the Federal Reserve could possibly do so later today. Because of this, this should put a bid in this pair going for some time now. We think the 1.63 is a reasonable target in the intermediate term.