Forex: GBP/USD quietly trading below 1.6200

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Forex: GBP/USD quietly trading below 1.6200

FITITOL--> FXstreet.com (Barcelona) - Cable is quietly trading within a tight range 1.6207/1.6188 since early NY, last at 1.6195, lower by -0.15% since yesterday's Asia-Pacific open. The pair is down for the week some -0.43% after hitting fresh 7-month highs Monday at 1.6301, now retreating from there with weekly lows yesterday at 1.6162.

As Valeria Bednarik, Chief Analyst at Fxstreet.com put it: “The hourly chart shows price back above the 23.6% retracement of the latest daily bullish run at 1.6185 and immediate support; price is capped by a slightly bearish 20 SMA while indicators remain in bearish zone. In the 4 hours chart 20 SMA is still flat around 1.6220 offering dynamic resistance in case of recoveries, while indicators aim slightly higher still below their midlines, which suggest the downside will remain limited, at least in the short term; 1.6115, 38.2% retracement of the same rally, is key support for the pair,” Valeria notes.

Support levels are located at: 1.618 5 1.6150, and 1.6115, while resistance levels are seen at: 1.6220 1.6245, and 1.6280.