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GBP/USD hovering around 1.6340

FXStreet (Córdoba) - Cable lost ground against the US dollar on Wednesday. During the Asian session and on European hours GBP/USD traded above 1.6400, but like it happen on Tuesday, failed to rally above 1.6410.

After being unable to hold above 1.6400 lost momentum and pulled back. Price bottomed at 1.6325 and during most of the American session remained steady, moving in a small range below 1.6350 and above 1.6330.

GBP/USD consolidating after rebound

Two weeks ago GBP/USD bottomed at 1.6050 and then rebounded strongly to 1.6520. During the last three days showed signs of stabilization after volatile sessions. The upside remains capped by 1.6400 while to the downside, the strong short term support lies between 1.6280 and 1.6300.

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