FXstreet.com (Córdoba) - The Pound is losing part of previous gains against the Dollar as it continues to move away form the highs of the day. GBP/USD failed earlier to break above 1.6700 and lost strength. The pair fell to 1.6630 and currently trades at 1.6644/48, 0.23% above today's opening price.
On the downside, below 1.6630 next support levels lie at 1.6600 and 1.6550 (intra-day low). On the upside initial resistance levels come at 1.6695 (intra-day high) and above here, 1.6725 (Nov 26 high), and 1.6755 (Nov 19 high).
The Kshitij Consultancy Service Team comments: Cable has risen beyond the trendline Resistance that we have been eyeing. The trend has been bearish since mid-November with sudden surprising surges in between. If this is one of those spurts, then the immediate Resistance at 1.6680-90 would be honoured bringing the pair down towards 1.64 during the next couple of days. If in case this Resistance breaks, then we would have to look towards 1.68-->1.69 over the next few days.