FXstreet.com (Córdoba) - Cable rose sharply on Friday against the Dollar. GBP/USD jumped from 1.6575 to test the 1.6700 zone. The pair peaked at 1.6706 (intra-day high) but failed to hold at those levels. Pound pulled down but found support at 1.6660.
Mohammed Isah, analyst at FXTechstraegy, comments: To the topside, the pair must break back above the 1.6740 and the 1.6842 levels to reverse its downside threats and bring gains towards the 1.7041 level where its YTD high is standing with a penetration of there triggering the resumption of its medium term uptrend now on hold towards its .50 Ret (2.1160-1.3501)at 1.7314. On the whole, GBP remains pressured to the downside having collapsed off the 1.6842 level.
The Sterling also rose against the Euro on Friday, for the second day in a row and managed to recover from Wednesday's losses when EUR/GBP rose to 0.9063 posting a two week high. To continue rising Cable needs to break below 0.8900.