Pound bearish reversal seen on early London session has been contained at 1.6350, and were the pair found support to bounce up breaking through 1.6475 resistance area, which has acted as support on early US session to push the pair to fresh 3−month highs at 1.6555.
The pair is struggling against resistance at 1.6550 (May 30 high), above here, next resistance levels are 1.6580 (May 4 high) and 1.6750 (Apr 20 high). On the downside, immediate support lies at 1.6475 (Aug 8/16 ighs) and below here, 1.6350 (day low), and 1.6255 (Aug 15 low).
Technical indicators remain pointing higher, according to Valeria Bednarik, technical analyst at FXstreet: "Hourly indicators support the upside, as per heading back higher, while 4 hours chart shows an even stronger bullish momentum at the time. Previous highs around 1.6475 are now key support, for the cross, as buyers will dominate the pair as long as above that level."
Technical indicators remain pointing higher, according to Valeria Bednarik, technical analyst at FXstreet: "Hourly indicators support the upside, as per heading back higher, while 4 hours chart shows an even stronger bullish momentum at the time. Previous highs around 1.6475 are now key support, for the cross, as buyers will dominate the pair as long as above that level."
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