According to the Kshitij Consultancy Services Team: “The Pound (1.6187) is still mixed and need to see a breakout on either side of 1.6150-6300 to get clear idea on further direction of move.”
Valeria Bednarik, Chief Analyst at FXstreet.com noted earlier: “Price needs to remain capped below the 1.6180/1.6210 area and extend its slide below 1.6110 to see a clearer bearish strength. Still, not the best choice if you want to go for the greenback.”
The 21-day EMA at 1.6090 offers support for potential dips, and further bids likely lie at a 23.6% Fibonacci retracement level at 1.6062 (1.5266/1.6308 advance). Ms. Bednarik identifies resistance levels at the mentioned 1.6210, then 1.6245.
In the European session ahead, the UK’s third and final GDP print for Q2 will be key event risk for GBP, due for release at 08:30 GMT. Analysts expect the 0.5% contraction to remain unchanged.