FXstreet.com (Barcelona) - The Sterling has risen further against the Dollar during the American session on the back of the market economic recovery confidence and BoE hold on its QE program and interest rate. After the BoE statement released, GBP/USD has climbed around 200 pips from intra-day low at 1.6479 to post 1-month high at 1.6675.
Currently, the pair is trading around 1.6650/60, 0.55% above today's opening price action.
Valeria Bednarik, FXstreet.com collaborator, comments: Pair regained the upside strongly after BOE leave rates and QE unchanged, yet halted around key 1.6660/70 resistance zone. Rally seems over extended in the hourly, with indicators pointing for some downside corrective movement, that should hold above the 1.6600/10 area to retain the bullish bias. Under 1.6550 pair could resume downtrend for the rest of the day.
Bednarik provides us with her levels: Support levels: 1.6610 1.6550 1.6520. Resistance levels: 1.6585 1.6610 1.6660.