Forex: GBP/USD recovery finds resistance at 1.6265

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FXstreet.com (Córdoba) – The Pound is recovering today from yesterday losses. GBP/USD rose today reaching an intra-day high at 1.6265 after the BoE interest rate decision. The pair failed to break above the resistance zone at 1.6270 and weakened. The pair is pulling back now after the opening bell at Wall Street and is approaching to the 1.6200 zone. So far today the pair is 1.01% above today’s opening price.

According to Greg Holden, technical analyst at ForexYard: “The bullish trend is loosing its steam and the Cable seems to consolidate around the 1.61 level. The pair currently sits near the upper border of the hourly chart’s RSI, suggesting a downward correction may be imminent. When the downwards breach occurs, going short with tight stops appears to be preferable strategy.”