FXstreet.com (Córdoba) - Cable rose earlier to 1.6398 posting a fresh two week high against the Dollar. GBP/USD then tumbled to 1.6250 and currently it trades back above 1.6300 at 1.6315/20, 0.35% above today's opening price. Cable is rising for the fourth consecutive day.
Immediate resistance lies at 1.6400 (session high) and above at 1.6425 and 1.6465 (Sept 23 high). On the downside, Cable could find support at 1.6250 (intra-day low), 1.6210 and 1.6155.
The ecPulse.com analysis team affirms: The cable followed in the euro's footsteps, where it moved to the downside early and headed towards they key support at 1.6210, which forms a possible reversal level for the pair's intraday direction for today. Hence, we hold onto our morning expectations for reaching the later level to then resume its short term bullish direction, where the next target is at 1.6390. Keep in mind the importance of 1.6210 remaining intact for today's upside direction to prevail.