FXstreet.com (Córdoba) - Cable is extending it gains against the Dollar and recently rose to a fresh intra-day high at 1.6765. GBP/USD currently trades at 1.6750/55, 0.35% above today's opening price. Since Friday, the pair has risen almost two hundred pips after finding support at 1.6515.
On the downside, below 1.6685 the Pound could find support at 1.6630, 1.6570 and 1.6515 (Nov 12 low). On the upside, resistance levels above daily high lie at 1.6800 (Nov 11 high) and 1.6845 (Nov 9 high).
According to Stoyan Mihaylov, technical analyst at Deltastock.com, the Pound could decline to 1.6612 support: The uptrend from 1.6515 has peaked at 1.6753 and a larger slide is to be expected, towards 1.6612 support zone. The overall bias remains positive for 1.6840, en route to 1.6932, but keep in mind, that current uptrend is probably the last leg of the rise from 1.5706 short-term bottom.