FXstreet.com (Barcelona) - The Sterling's decline from 2-week high at 1.6240 has found support at 1.6085 in the American session with the pair trading back above 1.6100 level, close to 1.6120. GBP/USD is taking retraction after hitting weekly highs.

Currently the Cable is moving around 1.6115/25, 0.10% above today's opening price action at 1.6110.

Asma Nazir, analyst at Automaticx, comments: GBPUSD seems currently taking retracement after touching its weekly target at 1.6235 level and we might see initial dip towards 1.6100 level. In weekly charts, the possibility of downward trend but in daily charts GBPUSD is setting itself nicely for an upward move towards 1.6400 level.