Based on the last postings dated 26.11.2012 I was able to attempt any entry above the 1.6031. The descending trend line is stoutly supporting the price which strengthen my buy but at the same time, every time the price closed above 1.6031, it was met with resistance at 1.6045. For a clearer look, please refer to the hourly chart below:
The price formation on the hourly chart shows that the 1.6045 has been rejected 3 times (highlighted in blue). Price currently is slowly edging to the 1.6045 area again and I would like to see a strong close above the 1.6045 before I attempt a buy. Failing to do so, I would look for price weakness and sell the GBPUSD with the target at the descending trend line.