Forex: GBP/USD holds above 1.6260

FXstreet.com (San Francisco) - After falling around 45 pips from 1.6305, April 30 and Sept 21 highs, the GBPUSD seems to have found support at the 1.6260 level. The pair is currently trading at 1.6265, 0.10% above today's opening price action.

The hourly chart shows indicators accelerating lower from overbought levels and price challenging 20 SMA, "yet unless a clear break and follow trough below mentioned support, the downside is still limited," comments Valeria Bednarik, FXstreet.com analyst. "For the ones thinking on a probable double roof at today's high, remember the figure won't be complete unless a break of the neckline, which stands at 1.5826, November 15th daily low."

Supports are seen at 1.6260, 1.6230 and 1.6195. While resistance are at 1.6305, 1.6345 and 1.6390.