FXstreet.com (Barcelona) - The Sterling has continued with its advance against the Dollar during the European session and, after rising around 140 pips from 1.6230, the GBP/USD has broken 1.6300 level and has hit 1.6375 as fresh 1-week high. Currently the pair is trading around 1.6360/70, 0.60% above today's opening price action at 1.6365.
The Kshitij Consultancy Service Team comments: Cable rose during the day above the range of 1.6205-1.6324 that we were looking for in the morning. However, it is still within the broader range of 1.6164 and 1.6380. Even beyond 1.6380, there is a strong Resistance in the region 1.6397-1.6416 created by the 13-MA, 100-MA and 200-MA on the 4H chart. It is rising ahead of the FOMC and allowing itself the room to stage a fall towards the Support at 1.6229 and even lower.