FXstreet.com (Barcelona) - The Sterling has complete its correction from 1.6457 against the Dollar after founding support at 1.6310 in the European session and rising back to trade close to 1.6380 in a 60 pips recovery movement throughout the American session.
The Sterling is still gaining against majors, says Greg Holden, Technical Analysis at ForexYard, The pair may see a correction to its recent bullish run today as the hourly, 2 hour and 8 hour RSI are floating in the overbought territory and with the daily and 2 hour charts' Slow Stochastic are exhibiting a bearish cross. Going short for the day may be advised.
On the other hand, the ecPulse.com analysis team comments: GBP/USD is showing an incline on the daily and 4-hour charts, but the pair halted its rally when it hit 1.4630 level.
The pair retreated after reaching a high of 1.6456 to 1.6380, while the day's low was at 1.6309. However, on the daily charts, the pair may reverse from an overbought area as indicated by the Stochastic Oscillator momentum indicator. Says ecPulse.com The coming support for the pair is seen at 1.6355 and the resistance is spotted at 1.6410.