FXstreet.com (Buenos Aires) - GBP/USD Current Price: 1.6381. Pair continues moving in a tight range, between Gbp strength and market sentiment. After reaching a higher high in the daily chart, pair failed to remain above 1.6410 area, and seems ready to extend the downside movement, as momentum remains flat as well as 20 SMA.
Bigger time frames indicators had a bearish bias, supporting the view. Strong congestion zone between 1.6260/1.6320 will be key as under that level, pair likely to accelerate and break lower, said Valeria Bednarik, collaborator at FXstreet.com.
Support levels: 1.6360 1.6320 1.6280. Resistance levels: 1.6410 1.6440 1.6485.