FXstreet.com (Barcelona) - After posting 1.6585 as 2-week high and falling around 70 pips in the early American session, GBP/USD has found support at 1.6515 and is has begun to rise to trade close to high levels again. Currently the pair is trading around 1.6555/65, 1.40% above today's opening price action.
Valeria Bednarik, FXstreet.com collaborator, comments: Bullish momentum persist, despite indicators are showing some bearish divergences, particularly in 4 hours charts. Above 20 SMA both in 1 and 4 hours charts, both with a nice bullish slope, consider downside corrective movements will remain short lived ahead of another move higher. Anyway, pair remains inside past three months range, so it needs to clearly break above 1.6660 to confirm midterm continuation to the upside.
Bednarik shares us her levels: Support levels: 1.6550 1.6520 1.6480. Resistance levels: 1.6600 1.6660 1.6700.