GBP/USD (daily chart) as of December 12, 2012, has risen to key 1.6150 resistance after having bounced off 1.6000 support in the beginning of the week. This occurs within the context of a longer-term bullish trend extending back to the June 1.5250 area low, as well as a short-term bullish trend resumption from the mid-November 1.5825 area low. The short-term trend broke out above both the key 1.6000 level as well as a downtrend resistance line extending back to the September 1.6300 region high, before pulling back to the 1.6000 level and bouncing off it with a hammer candle pattern. Having just reached and retreated from 1.6150 resistance, price can be considered to be at a critical juncture. In the event of continued upside momentum in line with the overall bullish trend, a breakout above 1.6150 could move price towards potential resistance around 1.6300, which was established in April and re-tested in September. If price is unable to breach 1.6150, the 1.6000 level may continue to serve as potential support to the downside.

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