FXstreet.com (Córdoba) - Cable found resistance at 1.6345 and pulled back to levels below 1.6300. Currently the pair trades at 1.6292/95, 0.70% below today's opening price. The pair failed to hold above 1.6400 during the Asian session and weakened falling to 1.6260, 1-week low.
On the upside, immediate resistance lies at 1.6350 and above at 1.6400/10. If the pair falls further, support could be located at 1.6250/60 (intra-day low) and below at 1.6200. GBP/USD is falling for the third day in a row.
According to Valeria Bednarik, collaborator at FXstreet.com the pair reached a key support at 1.6250. She affirms: Having completed the correction, hourly indicators remain slightly bullish, yet bigger time frames are gaining bearish momentum, suggesting more downside pressure during American session. 20 SMA above current price holds the bearish slope, not quite strong yet.