FXstreet.com (Córdoba) - The Pound failed to break above 1.6600. Despite moving far away from the lows of the day that lie at 1.6494 GBP/USD trades at 1.6683/89, 0.11% below today's opening price. Cable has fallen in five out of the last six days.
Next support levels lie at 1.6555 and below at 1.6500 (session low) and 1.6460 (Nov 20 low). On the upside, resistance levels could be located at 1.6595/00 (intra-day high) and above there, 1.6650 (Nov 23 high) and 1.6700.
The FastBrokers Research Team affirms: Cable continues to find support along the psychological 1.65 level and our 2nd tier uptrend line. Our 2nd tier uptrend line runs through previous November lows, meaning a retracement could result in a movement towards 1.63. As for the topside, the GBP/USD faces multiple downtrend lines along with 11/23 and 10/23 highs. Recent weakness in the Cable has created quite a few immediate-term topside obstacles, meaning the currency pair would likely need a sizable boost in buy-side activity to get above our top-end barriers.