FXstreet.com (Barcelona) - After finding support at 1.6310, coming from its 130 pips from intra-day high at 1.6440, GBP/USD has been trading in a narrow range between 1.6320 and 1.6350, close to MA55 hourly chart level at 1.6330.
Currently the pair is trading around 1.6325/35, 0.10% above today's opening price action at 1.6315.
The FastBrokers Research Team comments: The Cable is suddenly facing four fresh downtrend lines and 1.65 is serving as a psychological barrier once again. The GBP/USD's last run topped out beneath 9/11 highs, meaning the currency pair has its work cut out for it to the topside since a reversal into a longer downtrend isn't out of the question. As for the downside, the Cable has managed to avoid a retest of 9/21 lows thus far. Our 2nd tier uptrend line should play an importance role in preventing such an occurrence. Meanwhile, though far away, the Cable still has our 1st tier uptrend line to fall back on along with the psychological 1.60 level and previous October lows should the situation deteriorate further. Therefore, the Cable's uptrend is salvageable as long as near-term technical cushions hold up.