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GBP/USD unflavoured in consolidation zone

FXStreet (Guatemala) - GBP/USD is trading at 1.6688, having posted a daily high at 1.6699 and low at 1.6656.

GPB/USD remains heavy in consolidation in a market that has u–turned on the pound as noted by Valeria Bednarik, chief analyst at FXStreet who notes price action on its decline to 1.6657 in early Europe, having been unable to regain the 1.6700 figure. Valeria Bednarik further added that the hourly chart shows indicators erased all of their oversold condition to settle around their midlines, while price is trapped around its 20 SMA, lacking a clear direction at the time being. “In the 4 hours chart indicators turned back south after a limited upward correction still in oversold levels, which keeps the risk to the downside: a break below 1.6650 should signal a quick slide towards 1.6620 area, while a weekly close below 1.66 should see the pair extending its decline towards 1.6400/50 price zone”.

GBP/USD support and resistances

Support levels: 1.6650 1.6620 1.6580

Resistance levels: 1.6700 1.6730 1.6760

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