FXstreet.com (Barcelona) - Pound's rally from 1.6550 level ahead of the Asian session opening., has been capped at 1.6655 session high and the pound has pulled back on early European session reaching levels right below 1.6600, testing support area at 1.6590/00.
According to Rajoo C, technical analyst at Precise Trader the pound remains on the upside while above 1.6500: Hourly Trend is Sideways Up while 16500 level holds. GBP is the Strongest Cross and USD is one of the Weakest Cross now during Asian Session .The Hourly Oscillators are bullish but ADX is falling with the price and the price is Above the MA. On the 5 min the Oscillators are approaching Overbought but ADX is rising which gives hope for further rises.
Therefore, the current pullback would be a good buying opportunity, says Rajoo C: We believe any pull back near 16630-16590 area should be an opportunity for the bulls. GBPUSD is trading Above the Res Zone 1 but approaching the previous resistance at 16695-16745 levels.