FXstreet.com (Barcelona) - The GBP/USD has found support at MA55 hourly chart at 1.6485, coming from its 150 pips decline from 1.6635 high, and has begun to rise to trade above 1.6500 level, close to 1.6580.

Currently the pair is trading around 1.6570/80, 0.15% above today's opening price action at 1.6590.

The Pound is on a corrective move, and according to Carol Harmer, technical analyst at Charmer Chats, the pair could reach 1.6440/20 area: the short-term charts do have a double top on them and a corrective move lower may well be on the cards today. Your first retracement target of 1.6565 will be the key this morning. If this support breaks you are looking at the market coming lower for 1.6440/20 once more.

On the upside, Harmer points out to yesterday's high at 1.6640: if the top at 1.6640 breaks you are looking at this trading back to good resistance at 1.6740. This should not break easily. Sellers will be at these levels defending, and if it breaks 1.6780 they will abolish shorts and join buyers looking for 1.6830/35.