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GBP/USD holding onto the 1.66 handle

FXStreet (Guatemala) - GBP/USD is trading at 1.6609, up 0.08% on the day, having posted a daily high at 1.6646 and low at 1.6586.

GBP/USD is up on the 1.66 handle post the end of last weeks rally and the FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. However, to the downside and in the broader daily range, below the August low at 1.6537 lie the 1.6467/54 March low and 78.6% Fibonacci retracement. Karen Jones, chief analyst at Commerzbank explained that longer term, they look for losses back to 1.6000.

GBP/USD hourly levels

Spot is presently trading at 1.6610, and next resistance can be seen at 1.6619 (Daily Classic R1), 1.6629 (Weekly Classic R1) and 1.6642 (Daily Classic R2). Next support to the downside can be found at 1.6596 (Weekly High), 1.6593 (Daily Open), 1.6591 (Daily Classic PP) and 1.6586 (Hourly 200 SMA).

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