FXstreet.com (Córdoba) - Cable is consolidating gains against the Dollar. GBP/USD failed to hold above 1.6100 after peaking at 1.612, posting a one-week high. The pair pulled back to the 1.6060 zone. The mention are has become an important support. If it fails to hold, the next one lies at 1.6010.
The pair is being traded at 1.6070/74, or 0.71% above today's opening price action. If Cable managed to end the day above 1.6000, it will be the first time to do so since late September.
Regarding GBP/USD, David Solin, analyst at FXA, comments: The longer term view is unchanged as the last few months of choppy trade is seen as topping, forming a bearish head and shoulders over that time. Though this suggests an eventual downside resolution, there is scope for another week of 2 of ranging/nearer term upside within the pattern first.