Royal Bank of Scotland - "The high last week in GBP/USD topped out, almost to the pip, at the previous ’12 high around the 1.63 level. This draws a line in the sand and suggests that this could be the top of the range for the rest of the 4th quarter. It’s quite compelling how the 1.6300 level is becoming as important resistance as the 1.5300 level is as support. Note that since the middle of 2010, 1.5300 has almost caught every major sell off - acting as support on about 6 different occasions. GBP/USD sitting within this long term 10 big figure range would be my forecast looking into the rest of this year and the beginning of next; this means price action currently sits at the top end of its range and should stay heavy. Anticipate moves down to the light supports at 1.6041 perhaps even lower to the 1.5606 level which was the March ’12 low.."