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GBP/USD pressing on key support 1.6580 - FXStreet

FXStreet (Guatemala) - Valeria Badnarik, chief analyst at FXStreet explained that the GBP/USD struggled to hold above the 1.6600 level.

Key Quotes:

“The pair saw a spark of upward momentum early Europe, when BoE’s Minutes showed 2 of the 9 voting members went for a rate hike as soon as this month”.

“Nevertheless, the pair stalled at 1.6678 before reversing, with the 1 hour chart now showing price below its 20 SMA, momentum aiming higher in neutral territory and RSI gaining strong bearish tone into negative territory, keeping the pressure to the downside”.

“In the 4 hours chart technical readings present a cleared bearish tone, with indicators turning strongly south after correcting oversold conditions”.

“Support levels: 1.6580 1.6545 1.6510”.

“Resistance levels: 1.6630 16680 1.6710”.

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