As it was informed by "Market Leader (US)"
GBPUSD volatility preview for Feb 22nd 2011
Last week the British Pound managed to regain its positions against the US Dollar and reached the highs of early February. After that GBPUSD started to decline because of the reports about the situation in Libya. During the Asian session it reached the option level at 1.6155. The destabilization in Northern Africa may have a negative impact on the currency market and make GBPUSD decline further down to 1.6100 and lower. The news background is weak. So there will hardly be any reversal of the bearish tendency even despite the fact that independent dealers expect the currency pair to recover in the near future. The option barrier 1.6232 is the key resistance. 1.6155 and 1.6000 are the key support levels.