FXstreet.com (Córdoba) - Cable found support at 1.6500 against the Dollar and currently is testing the highs of the day at 1.6540. GBP/USD trades 0.60% above today's opening price and is rising for the second day in a row. Above 1.6540, the next resistance lies at 1.6580 (Oct 30 high) and above at 1.6600 (Oct 29 high). On the downside, below 1.6500 the Pound could find support at 1.6480 (Nov 2 low) and at 1.6400 (intra-day low).
Valeria Bednarik, collaborator at FXstreet.com affirms: Pair has reached the 1.6540 area in extreme overbought conditions in the hourly chart, and now corrects to the downside, consolidating above 1.6500. Under 1.6480 a deeper corrective movement will likely send the pair close to 1.6420 area, while if the zone holds, a renewed upside run above current high, will quickly send the pair to test the 1.6600 area.