FXstreet.com (Buenos Aires) - GBP/USD Current Price: 1.6552. Upside rally in Pound has been again halted around 1.6600, where the pair retreated to current zone. With hourly indicators supporting further rises in the pair after the break above the daily descendant trend line coming from 1.6694, and 20 SMA with a bullish slope, pair is technically set to extend the upside rally.
However, considering the possibility of an extension in QE early Europe, pair likely to remain in a tight range during current session. Under 1.6520, next support comes at the 1.6480 area; if this last gives up, pair likely to extend the fall, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.6520 1.6480 1.6420. Resistance levels: 1.6600 1.6640 1.6690.