The cable is rebounding again, after being near the 1.6500 dollars per pound support. In two hours, we'll have the US GDP reading. If it beats expectations, the demand for riskier assets could rise, benefiting the sterling.The bands of Bollinger show a 130 pips volatility in the hour, while the RSI is around the oversold area.
If the trend remains bearish, the 61.80% fibo, marked between 1.6278 and 1.6880, could act as a support. Upwards, the next resistance is at 1.6537 dollars per pound.