FXstreet.com (Córdoba) - GBP/USD continues to move inside a range with support at 1.6500 and resistance at daily highs at 1.6545. Currently the pair trades at 1.6523/25, 0.53% above today's opening price. The Pound tested the highs of the day after the ADP employment report but failed to break above.
On top of 1.6540, the next resistance lies at 1.6580 (Oct 30 high) and above at 1.6600 (Oct 29 high). On the downside, below 1.6500 the Pound could find support at 1.6480 (Nov 2 low) and 1.6400 (intra-day low).
Valeria Bednarik, collaborator at FXstreet.com affirms: Pair reached a daily descendant trend line, and bounce to the downside, still contained by the 1.6500 zone. Forming a small hourly triangle, break above 1.6540 should confirm both figures and trigger an upside stronger rally in the pair, supported by strongly bullish 20 SMA and 4 hours indicators.