FXstreet.com (Barcelona) - The Sterling has risen around 100 pips in the last hour against the Greenback from MA55 hourly chart at 1.6350 to trade above 1.6400 level, break the MA200 hourly at 1.6415 and hit intra-day high levels above 1.6460
Currently the pair is trading around 1.6355/65, 0.55% above today's opening price action at 1.6375.
The FastBrokers Research Team comments: Technically speaking, is facing multiple downtrend lines while the psychological 1.65 level hangs overhead. Meanwhile, our trend lines are approaching multiple inflection points, supporting our expectation of higher volatility. The GBP/USD's last run topped out beneath 9/11 highs, meaning the currency pair has its work cut out for it to the topside since a reversal into a longer downtrend isn't out of the question. As for the downside, the Cable has managed to avoid a retest of 9/21 lows thus far. Our 2nd tier uptrend line should play an important role in preventing such an occurrence. Meanwhile, though far away, the Cable still has our 1st tier uptrend line to fall back on along with the psychological 1.60 level and previous October lows should the situation deteriorate further. Therefore, the Cable's uptrend is salvageable as long as near-term technical cushions hold up.