FXstreet.com (Barcelona) - The Pound's rejection at 3-month high at 1.6845 against the Greenback in the European morning has continued during the American session with the GBP/USD falling around 150 pips to test 1.6700 level.
Currently the pair is trading around 1.6705/15, 0.30% above today's opening price action at 1.6660. GBP/USD is retreating from previous highs after the last bullish movement which takes the pair from Nov 6 low at 1.6515 to hit highest level since Ago 6 at 1.6845.
According to the FastBrokers Research Team, the GBP/USD has surged as Dollar weakens on the board: the Cable has responded by charging well beyond our previous downtrend line running through August highs. Therefore, the Cable is indicating that a continued topside breakout towards the August highs and the psychological 1.70 level may be around the corner. As for the downside, we've readjusted our uptrend lines to compensate for today's positive movements. That being said, the GBP/USD still has multiple uptrend lines serving as technical cushions along with 11/6 and 11/5 lows, not to mention the psychological 1.65 level is no working in the currency pair's favor.