GBP/USD capped at 1.6600

FXStreet (Edinburgh) - Currently, GBP/USD is trading at 1.6579, down -0.12% on the day, having posted a daily high at 1.6608 and low at 1.6554.

How strong has the move been?

The pair is now attempting a consolidation pattern post-Payrolls around 1.6580, recovering ground after dropping to the boundaries of
1.6550. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish. Daily RSI sits at
49.66, in neutral territory.Looking to momentum indicators, the hourly 200 SMA is currently at 1.6605, down from the last close at 1.6606 and
declining. Camilla Sutton, Chief FX Strategist at Scotiabank, said the short-term technicals remain bullish, adding "technical signals are in buying
territory however none of them are particularly strong as spot has really range traded since hitting its Februay highs".

What price levels and patterns have to be considered?

With spot trading at 1.6580, we can see next resistance ahead at 1.6585 (Weekly Classic PP), 1.6588 (Hourly 20 EMA), 1.6598 (Daily Open),
1.6599 (Weekly Low) and 1.6605 (Daily 20 SMA).Support below can be found at 1.6570 (Yesterday's Low), 1.6559 (Daily Classic S1), 1.6554
(Daily Low), 1.6518 (Daily Classic S2) and 1.6518 (Weekly Classic S1).