FXstreet.com (Barcelona) - The Sterling has retreated against the Greenback after testing the 1.6435 level to trade below 1.6400. Currently the pair is trading around 1.6390/1.6400, 0.05% below to opening price action at 1.6405.
The FastBrokers Research Team affirms: The Cable is tacking onto Friday's selloff backed by a pop in sell-side volume. Friday's weakness came on the heels of worse than expected British HPI data along with disappointing U.S. pricing and spending numbers... Technically speaking, the Cable still has a couple uptrends to fall back on along with 10/28 and 10/26 lows. However, the currency pair is getting awfully close to our 2nd tier uptrend line, which may separate the GBP/USD from stabilization and a retest of the psychological 1.60 level. As for the topside, the Cable has multiple downtrend lines bearing overhead along with 10/20 and 10/30 highs. Additionally, the psychological 1.65 level serves as a technical barrier once again.