FXStreet (Mumbai) – Valeria Bednarik, Chief Analyst at FXStreet, sees further upside scope for GBP/USD towards 1.60 if the pair breaks above 1.5928 levels, with technicals supportive for additional gains ahead.
Key Quotes
“The British Pound continued outperforming its rivals, soaring up to 1.5928 against the greenback. The pair is now consolidating around the mentioned high, with buyers surging on attempts to break below the 1.5900 level.”
“Short term, the 1 hour chart shows that the technical indicators have resumed their advances after correcting partially extreme overbought levels, whilst the 20 SMA heads higher around 1.5850, providing a dynamic support in the case of a decline.”
“In the 4 hours chart, the technical picture also favors the upside, with a break above the mentioned high exposing the pair to a test of the 1.6000 region.“
“Support levels: 1.5890 1.5850 1.5810”
“Resistance levels: 1.5960 1.6000 1.6035”
(Market News Provided by FXstreet)