FXstreet.com (CÃ³rdoba) - Cable rose reaching fresh intra-day highs at 1.6585. GBP/USD is holding above 1.6570 near the highs. The pair has risen more than 130 pips during the American session so far. The pair is 1.50% above today's opening price recovering from yesterday's losses.
The FastBrokers Research Team afirms: Despite today's recovery in the GBP/USD, the currency pair still faces challenging near-term obstacles to the upside. The Cable must deal with the lid of its 7/20-7/28 trading range, our 3rd tier downtrend line as well as 8/13 highs. On the plus side, the Cable is back above our 1.65 and our 2nd tier uptrend line, meaning the Pound should prove resilient if U.S. equities continue their slide. Tomorrow Britain will release CBI Industrial Order Expectations along with the MPC's Meeting Minutes. Should these data points impress investors, the GBP/USD could continue to experience some immediate-term upward mobility.