The GBP/USD is close to touching the 1.6800 level.

After the last pullback to the 1.6900 level, the GBP/USD has been steadily dropping from that level and it is getting closer to the round number and psychological level of the 1.6800 from where it may bounce to the upside. On the 4 hour chart below we can also see that a few pips below the 1.6800 we have the 200 period exponential moving average (blue line), which can also act as a good support for the pair around this zone.

We can also see on the chart that this pair has been making some very interesting bounces from the round number levels, even though in some occasions it has broken them. However, the pair has been falling since its last visit to the 1.7000 area and it is clearly over-sold. Therefore, we may see some profit taking around the 1.6800, which will also help in the price stalling there.