Forex: GBP/USD: Pound rejected at 1.6500

FXstreet.com (Barcelona) - The Pound has launched an attempt to re-gain the 1.6500 level on early European session, after bouncing at 1.6430 low during Asian session, and, after failing to break above it, the Pound has dropped to levels around 1.6440.

According to Ian G Coleman, collaborator at FXstreet.com, the key levels for an upward move are 1.6477 and 1.6560: "We are sitting on the previous 4 hr channel line at the moment (1.6434). We are breaking through the MACD trend line but we have no divergence. I would look for a break of the 20 SMA first (1.6477) and then a channel line break 1.6560 for the next move higher."

Support levels lie at intra-day low 1.6430, and below there, 1.6400 and 1.6335 (Jul 30 low). On the upside, resistance levels lie at 1.6520 Asian session high and above there, 1.6555 and 1.6585.