FXstreet.com (Sydney) - The pound is slightly up after opening at 1.6500 and is now trading at 1.6516. The pair has traded in a narrow range after falling sharply to its intraday low of 1.6460. The GBP/USD finds support at 1.6457 and resistance is at 1.6557. The pair is considered slightly bullish.

However, despite its current trends, the pound dropped 1.15% against the dollar last week, as reported in the London Forex Broadsheet. Still, if the pound keeps to above 1.6500 then this drop could be regarded as a correction in an otherwise up-trend. The mid-term view is bearish given the recent weakness of the majors against the USD.