GBP/USD Consolidation Under 1,6200.

Poundsterling is offering a weaker after failed to hold gains above 1.6300, extending loses quite sharply to a fresh 5-day low at 1.6182.

GBP/USD broke below 1.6215 support, suggesting that a cycle top has been formed at 1.6343 level on 4-hour chart. Pullback towards the uptrend line from 1.5751 to 1.6030 would likely be seen in a couple of days”.

The fall from 1.6343 is treated as consolidation of uptrend from 1.5344, and another rise towards 1.6400 is still possible after consolidation”.

Hourly indicators are still bearish,towards 1.6060 as key support; a break below this suggesting a signal for stronger bearish continuation rally over the next sessions.

Support levels: 1.6160 1.6110 1.6065, Resistance levels: 1.6220 1.6260 1.6300


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