FXstreet.com (Barcelona) - The Sterling's recovery against the Greenback from 1.6520 has found resistance at 1.6630 after rising 90 pips in the early American session and GBP/USD is trading back below 1.6600, close to 1.6580.
Currently the pair is trading around 0.60% below today's opening price action at 1.6585 to the current 1.6570/80.
James Chen, analyst at FX Solutions, comments: Unlike some other major dollar-based currency pairs, GBP/USD has not yet broken out of the prolonged sideways trading range that has characterized the pair for several months now. While a breakout above this trading range occurred in early August, price quickly re-entered the range and has traveled within it since then. With dollar weakening the theme for all of last week after the U.S. Labor Day, price once again revisited the top of the range (around the 1.6740 price region), but has retreated from this resistance level as of the beginning of the current week.