Forex | Forex | Forex: GBP/USD: Pound, in range below 1.6585 high (31/07/2009 10:14:00)

Forex: GBP/USD: Pound, in range below 1.6585 high

FXstreet.com (Barcelona) - Pound's rally from 1.6340 low yesterday has been capped at 1.6575 high, and the pair remains trading sideways between there and 1.6520 on the downside, right below 4-weeks high at 1.6585.

Forex Yard's technical analyst Greg Holden warns about possible bearish corrections, seen the pound's overbought condition: "The daily chart's oscillators seem to be neutral. However, the daily chart's RSI and MACD signal that the pair is overbought, and that a bearish correction may take place today. This is also supported by the RSI of the weekly chart. Going short on the pair may be a wise move today, as traders seek to make end-of-week profits."

Resistance levels lie at 1.6575/85 area, and abpve there, 1.6660 (Jun 3 high) and 1.6745 (2009 high). On the downside, initial support lies at 1.6520 (Jul 27 and 30 high) and below there, 1.6490 intra-day high and 1.6455.

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