FXstreet.com (Barcelona) - The Pound's recovery from intra-day low at 1.6440 has found resistance at 1.6520 after rising around 80 pips to trade above 1.6500 level. Currently the pair has fallen below to 1.6500 to test 1.6490 support (MA200 hourly chart level), losing its previous gains and trading around 1.6495/1.6505, 0.05% above today's opening price action.
Anna Coulling, analyst at Master and Master, doesn't see any clear directional signal: Trying to forecast a direction for the currency pair at present using forex technical analysis is extremely difficult at present, as we have no clear directional signals on the daily chart, and with all three moving averages now tightly bunched, these are also providing little in the way of an meaningful forex trading analysis. With trading volumes likely to remain thin, until the beginning of September we may have to wait a while longer before a meaningful trend is established once again as the forex markets return to some degree of normality.
George Clement, Swiss e Trade's analyst, expects down moves: In low volatility, the pound is continuing its quiet consolidation move between 1.6580 and 1.6420 in early European hours and is currently trading at 1.6500. We expect repeated up- and downmoves in today's trading, between the mentioned 1.6580 and 1.6420 levels.