FXstreet.com (Córdoba) - The Pound found support at 1.6515 (intra-week low) against the Dollar on it decline from 1.6840. Since the beginning of the European session GBP/USD has been moving sideways inside a range between 1.6520 and 1.6590. Currently it trades at 1.6549/53, 0.12% below today's opening price. Despite falling against Greenback, Cable is stronger against the Euro and the Yen.
If the pair falls further, the next support lies at 1.6475 (Nov 2 high) and below at 1.6400. To the upside, resistance could be located at 1.6625/35 (intra-day high) and above at 1.6675.
Valeria Bednarik, Fxstreet.com collaborator, affirms: After reaching the 1.6480/1.6510 congestion zone, pair remains close to that lows, still under 20 SMA in the hourly, and with hourly indicators pointing for further falls; bigger time frames charts also lost upside momentum, and turned to the downside, supporting the bias. However, pair needs to clearly break under mentioned zone to extend the downside movement, as we also have the daily 20 SMA there, that usually acts as strong dynamic support/resistance level.