FXstreet.com (Barcelona) - The Pound has remained trading in a range from 1.6430 intra-day low to resistance area at 1.6520/30 after its decline from 166.60 high on Tuesday. At the moment, the Pound approaches 1.6500 aftrer having re-tested 1.6435 support.
According to Valeria Bednarik, collaborator at FXstreet.com, 4-hour indicators show bearish signs: Pound remains unable to regain the upside, capped by the strong 1.6520 level, and bearish in the hourly, with CCI cutting 0 and Momentum 100 level, while current candle is crossing 20 SMA with a bearish slope, all supporting further falls for GBP with 1.6440 and 1.6400 as first supports to consider.
Support levels, according to Bednarik, lie at 1.6440, 1.6400 and 1.6370. Resistance levels lie at 1.6520, 1.6550 and 1.6600.