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GBP/USD remains capped below key 1.6415

FXStreet (Guatemala) - GBP/USD is trading at 1.6335, down -0.02% on the day, having posted a daily high at 1.6344 and low at 1.6330.

The GBP/USD has been held below the 1.64 handle and below the 1.6415 Fibonacci resistance in particular on continued dollar robustness. Valaria Bednarik, chief analyst at FXStreet explained that, technically, the hourly chart shows price developing below its 20 SMA while indicators turn slowly higher near oversold levels. “In the 4 hours chart price stands also below its 20 SMA flat a few pips above current price, while indicators present a bearish slope yet in neutral territory. Trading within familiars levels, the downside potential seems more limited for the UK currency, with the critical support for this Thursday being 1.6275, 38.2% retracement of the same run: a break below it will however made bulls capitulate, at least in the short term”.

GBP/USD Support and resistance levels

Support levels: 1.6310 1.6275 1.6225

Resistance levels: 1.6345 1.6415 1.6460

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