The GBP was one of the strongest currencies during last weeks. The pair reached 1.63 but failed to continue the up move and eventually started a technical correction. The pair dipped yesterday to a medium term support level around 1.6060. The support is from 02/04 daily high combined with 50% Fibonacci retracement to the up move starting from 1.5818 to 1.6300. On intraday charts we are seeing a clear channel. A break of the channel, confirmed by technical indicators, could define if the correction is over or open the door to a deeper down move to the strong support level around 1.60.