Forex: GBP/USD resumes upswing and breaks past 1.6015 to session high

By IBTimes Staff Reporter | December 24 2009 5:26 AM

FXstreet.com (Barcelona) - The Pound has resumed its pick up from multi month lows at 1.5920 and, amid Dollar weakness in European session, the pair has returned above 1.6000 to break past 1.6015 to a fresh session high at 1.6025.

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Resistance levels, above 1.6000, lie at 1.6030 (Dec 21 low), and above here, 1.6050 and 1.6125. On the downside, support levels lie at 1.5920 (Dec 22 and 23 low), and below here, 1.5850 and 1.5825.

According to the ecPulse.com analysis team, The Pound targets 1.60405 first and then 1.6125: The ascend from yesterday till now is showing an intraday bullish technical pattern that points to the need to bullishly correct; starting from the breach of 1.5975 that targets 1.6045 and then 1.6125.

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