FXstreet.com (Barcelona) - The Sterling recovery from intra-week low at 1.6115 has found resistance at 1.6412, fresh 1-week high after the worst than expected jobless claims report. Pair has fallen around 60 pips from high levels to test 1.6350, Currently GBP/USD is trading around 1.6350/60, 0.55% above today's opening price action.
In case of further appreciation, the Pound might find resistance at 1.6445 (Aug 25 high) and above here, 1.6505. On the downside, below 1.6375 previous week-high, the Euro could find support at 1.6330 (Aug 31 high) and below here, 1.6300 (Sept 2 high) and 1.6235 intra-day low..
The Kshitij Consultancy Service Team comments: Cable has indeed risen as the Support at 1.61 held on. It has almost acheived the Projected Max High for the day (which is at 1.6400). A continued rise is likely to face some Resistance near 1.6440-70. A break of this Resistance zone would next target 1.71 with brief Resistances at 1.66 and 1.68. A brief correction during the US session is likely to be contained near the Projected Max Low for the day at 1.6207.