FXstreet.com (Barcelona) - The Pound is picking up from 1.6455 intra-day low and the pair trades at levels right below 1.6545/55 area, after taking back all the ground lost during early European session.

According to the Mataf.net technical team, the Pound is on a bullish configuration on the hourly charts: There is an horizontal range between 1,6475 and 1,6540. Support and resistance are given by Bollinger bands. The volatility is low. Bollinger bands are flat. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. daily ForexSto (Modified Stochastic) indicate a bullish pressure on GBP USD. The consolidation should continue. The price should continue to move in Bollinger bands.

Initial resistance lies at the mentioned 1.6545/55 area, and above here, 1.6585 (Sept 8 high), and 1.6620 (Aug 21 high). On the downside, support levels lie at 1.6445/50 (Sept 7 high), and below there, 1.6415 (Sept 3 & 4 high) and 1.6375 (Aug 28; Sept 1 high).