FXstreet.com (Barcelona) - After rising around 75 pips from intra-day high at 1.6701, on the back of worst than expected US today's data, Cable has found support at 1.6625 and it has bouncing at this level to rise 75 pips back and test 1.6700 level again.

Currently the pair is trading around 1.6690/1.6700, 0.70% above today's opening price action at 1.6577.

According to Mohamed Isah, analyst at FXTechstrategy, The GBP/USD halts downside pressure and strengthens: GBP held off lower prices on Thursday after testing a low of 1.6514 before closing marginally higher at the end of the session. Though immediate downside pressure has not been averted yet , its current recovery higher in early trading today may have temporarily halted its declines off the 1.6842 level keeping the pair above its ST rising trendlinenow seen at 1.6540 and the 1.6249/60 area, its Oct 26'09/Nov 03'09 lows.

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