Forex: GBP/USD: Pound attempts to bottom at 1.6305
FXstreet.com (Barcelona) - The Pound's retracement from 1.6600 resistance level on Jun 11 has extended to levels right at 1.6300 on Monday's Early European session, as the Sterling lost about 120 pips in Asian session from 1.6220 opening price.
At the moment , the Pound is trying to pull up from 1.6305 intra-day low, with minor resistance at 1.6390. Above here,m next resistance level could be at 1.6440/50, and 1.56525. On the downside first support lies at 1.6290/00 and below there, 1.6240 (Jun 10 low) and 1.6200.
According to Tim Salem, Collaborator at FXstreet.com, the Pound could set a base around current levels: "Depreciation sees RSI Slope and Readings in Oversold Conditions, as the Hourly 200SMA Confluence with Static Support at the 1.6290’s Area looks to Contain Price. Continued Breach sees 1.6245 and 1.6185 Daily Static Support in the Near-Term."
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