Forex: GBP/USD stands still above 1.6100

FXstreet.com (Barcelona) - GBPUSD is currently dealing at 1.6117 bids, about 12 pips below previous Asia-Pacific open yesterday, and about 17 pips higher for the week, with a weekly low Monday at 1.6007, and a weekly high yesterday at 1.6175. Second time since Oct 08 that the pair stalls below yesterday's high, now also below 61.8% Fibo retrace of latest daily down leg 1.63/1.59 at 1.6160. Still in 5-year low volatility levels for the pair, with an average 83 pips range per day.

"The daily chart shows a reversal candle formed, although price still stands above the daily ascendant trend line broken past Wednesday," says Valeria Bednarik, Chief Analyst at Fxstreet.com, while "in the hourly chart the technical outlook has turned slightly bearish, lacking strength at the time being due to latest short term range," the analyst notes.

Valeria adds: "in the 4 hours chart technical readings had lost upward potential although holding in positive territory. Barely holding above 1.6110/20 immediate support, the level to watch to the downside comes around 1.6090, where the pair found buying interest over the past few sessions. A break below, will expose 1.6065 key support ahead of 1.6020 area," she concludes.

The analyst locates support levels at: 1.6115, 1.6090, and 1.6065, while resistance levels at: 1.6140, 1.6185, and 1.6220.