Forex: GBP/USD: Pound, testing 1.6400 area

By @ibtimes on

FXstreet.com (Barcelona) - The Sterling has returned to the upside, and after bouncing at 1.6280 on Asian session times the pair reached 1.6400, which is being tested at the moment.

In case of further appreciation, above 1.6400, next resistance levels lie at 1.6435/45 and 1.6490 (Oct 20 high/Oct 22 low). On the downside, support levels lie at 1.6285 session low, and below here, 1.6240/50 (Oct 19/26 low) and 1.6125 (Sept 30/Oct 8 high).

The Pound remains biased to the downside, and, according to Liviu Flesar, technixcal analyst at InnerFX, 1.6500 shold be broken to resume uptrend: A break above 1.6500 being required to signal a resume of the uptrend. Intra-day studies are slightly positive, uptrend being favored for now.

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