FXstreet.com (Barcelona) - The Sterling has recovered the 1.6800 level against the Dollar after the BoE minutes decline to 1.6770 and during the European session, GBP/USD has been trading in range between 1.6790 and 1.6840. Cable uptrend has been supporting by the MA55 hourly chart since yesterday American session with the pair reaching yesterday low at 1.6755, MA55 hourly at this time.
Currently the pair is trading around 1.6805/15, ever above MA55 hourly level and inside the same range of opening price action at 1.6810.
The Kshitij Consultancy Service Team comments: Cable continued to trade in the range during the day. Having consolidate and honoured the Support at 1.6725-50, we would expect the pair to make a strong move ahead towards 1.6925 during the US session. Only on a break above the Resistance region mentioned in the morning, would we believe in increased chances of 5-Aug high of 1.7042 being breached. However a pullback may bring the pair down towards 1.6670.