FXstreet.com (Barcelona) - The dollar has regained some ground versus the pound as the GBP/USD was rejected at the resistance area of the daily high at 1.6240 early in the American session. The pair then fell before finding support at 1.6180, near the moving average of 55 periods on the hourly charts.
An upward correction is imminent, according to Forexyard analyst Greg Holden.
The Slow Stochastic of the daily chart shows a bullish cross, indicating that an upward correction is imminent, said Holden. This view is also supported by the RSI of the 4-hourly chart. Going long might be a wise choice.