All eyes on the current pullback of the GBP/USD to the 1.6900 level.

The Pound has been very volatile versus the Dollar for today, showing strength on occasions and making us believe that it was going to continue with its uptrend, but then it came back down as the Dollar started gaining ground versus most of the other major currencies. So far the GBP/USD has fallen close to the 1.6900 level, but it is still missing it by about 20 pips.

On the 4 hour chart below we can see the price heading towards the 1.6900 level, which should act as a good support zone, due to the fact that it was a good resistance in the past. Therefore, we must be attentive to a possible visit to the 1.6900 from where the price may bounce to the upside, especially if the 55 period Exponential Moving Average (purple line) is closer to the same zone. We can clearly see on the chart below that the 55 EMA has been supporting the price really good and that is why it could help stall the drop one more time on the next visit.