FXstreet.com (Barcelona) - After trading in a narrow range between 1.6640 and 1.6670 in consolidation mode during the yesterday's American session, the Sterling has resumed its advance against the Greenback with a Jump of 100 pips from 1.6640 to break 1.6700 level and post 1.6740 as highest level since September 7.
Currently the pair is trading around 1.6700/10, consolidating levels after the last bullish movement. Rajoo C, analyst at Precise Trader comments that GBP/USD is the best pair to trade now: We believe the Hourly Price is Up but approaching its price target 16760- 16860 , to support our statement the price should not trade below 16625-16500 levels..
Rajoo concludes: We prefer to LONG near 16680 with a STOP @ 16610 Â with a profit target of 16760-16860 levels. If the pullback is not seen and the price hits our target first then we let go this trade as it has reached its destination and due for correction.