FXstreet.com (Córdoba) - Cable weakness across the board eased in the last hours. The rise in stocks was not followed by an appreciation of the Pound. GBP/USD remains moving inside a range with support at 1.5900 and resistance at 1.5960. Currently it trades at 1.5940/44, 0.08% above today's opening price. Cable moved away from intra-day high that lies at 1.6024.
According to the ecPulse.com analysis team: Still, the pound-dollar pair is narrow trading due to rough technical movements and is forecasted to drop to the downside according to the four-hour momentum indicators, having the royal pound so far trading at 1.5935 recording a high of 1.6023 and a low of 1.5901 with a resistance at 1.6015 and a support at 1.5837.
Against the Euro, Cable is still down for the day but EUR/GBP is facing resistance at 0.9200. If the pair fails to break above, the Pound could recover part of the losses.