ANZ - "Overlapping rebounds “failed” in front of the 1.6450 triangle resistance. Although this underscores the tightening range that has been developing since 2009, the “triangle” is now so close to its apex that a break of support (or resistance!) is unlikely to gain force. A break should merely define a new horizontal range. Consequently, a break of near term rising support at 1.5935 is unlikely to trigger any acceleration through triangle support (currently 1.5675-00). However, bias is to the downside. 1.6150- 1.6200 should cap interim bounces before GBP slides and affirms horizontal range support at 1.5300.
As GBP/USD struggles to gain any dynamism, two-tiers of trading ranges are likely to develop: an inner range of 1.53-1.64 should dominate in the near term within a 1.48-1.70 longer term range."