FXstreet.com (Buenos Aires) - GBP/USD Current Price: 1.6612. Trapped around 1.6600, current movement could be consider corrective as long as under the 50% retracement of the last daily fall (1.6823/1.6459) currently around 1.6660; recent candle opening under the 38.2% of mentioned rally, keeps current upside movement as corrective, supported also by hourly indicators that had turned to the downside after price toped at the 200 EMA.
Bigger time frames also show lack of upside strength, so break under 20 SMA now around 1.6590 and confirmations under that level, would likely trigger some downside extension during next hours, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.6585 1.6550 1.6520. Resistance levels: 1.6660 1.6700 1.6740.