GBP/USD: technical analysis
Level 1.6250/60 held back the bears, so they failed to decline lower and hold there. Trading was mostly carried out within tight range, with 1.6330/10 resistance level as its border. At the moment, however, the price is making new attempts to recommence its growth, it now resides at level 1.6360. Indicators are not showing any clear picture, which gives reasons to expect further consolidation, but within a wider range. Earlier forecasts are still relevant – 1.6190/60 support breakout will be a signal towards the bearish trend in a medium-term, 1.6450/40 resistance breakout would indicate a reversal to growth towards 1.6600/1.6700 target levels.