FXstreet.com (Barcelona) - The Sterling is trading higher today's European session against the Dollar after moving in a narrow range between 1.5990 and 1.6010 during the Asian session. Last hour, the GBP/USD has risen around 25 pips from 1.6000 to break range at 1.6010 and yesterday's high at 1.6020 and trades at intra-week highs close to 1.6030.
Currently the Cable is trading around 1.6020/30, 0.10% above today's opening price action at 1.6000.
Abhishek Goenka, analyst at India Forex Goenka, comments: GBPUSD is currently trading at 1.6000 levels. Upside correction is expected till 1.6140 levels where shorts can be initiated for the target of 150 -200 pips keeping stoploss above 1.6220 level.Short term bias still remains bearish till 1.5750 levels untill 1.6200 level is held.(GBPUSD 1.6006) Bearish.
Stoyan Mihaylov, analyst at DeltaSotck, affirms: The pair is in a downtrend after peaking at 1.7042. Trading is situated between the 50- and 200-day SMA, currently projected at 1.6454 and 1.5258.
Mihaylov concludes: A break above 1.6040 resistance is to be expected and it will set the focus on 1.6167 area. The overall bias remains neutral in the 1.59+ - 1.6167 range, due to the current market conditions in the last trading sessions of the year.