FXstreet.com (Córdoba) - Cable is testing session highs against the Dollar. GBP/USD rose to 1.5972, posting a fresh intra-day high. On the upside the next resistance lies at 1.6000 and above at 1.6050 (Oct 6 high). The pair is consolidating gains against the Dollar as currently it trades at 1.5950/55, 0.29% above today's opening price action.
According James Chen, Chief analyst at FX Solutions: The key downside support level to watch for is the important 1.5800 price region, which the pair has essentially respected since May. Any significant breakdown below this level could confirm a potential bearish reversal off the head & shoulders pattern, and target further support in the 1.5500 price region, and possibly further down around the 1.5300 price region.
The Sterling is rising across the board on Wednesday, recovering after days with losses but still remains under pressure.