FXstreet.com (Barcelona) - Cable has risen around 50 pips, in the last hour, from 1.4698 to reach 1.4749, fresh one-week high, to test the 1.4745 resistance level again. Last three hours, the pair has been traded in a small range between 1.4695/1.4745.
Currently, the GBP/USD is rising around 1.93%, around 300 pips, from 1.4467 opening price. Pair has reached 1.4456 as today's lowest and 1.4749 as highest.
According to Valeria Bednarik, FXstreet.com Collaborator, Cable is in a bullish momentum: Upside momentum in the pair continues after just reaching the 1.4740 zone that temporally halt the continuation. Strong resistance lays around 1.4770/80 a tough congestion zone. If this last is cleared, after due corrections longer term perspective in the pair turns clearly bullish, and targeting next mayor resistance zone around 1.5000. 1.4637 could well be a target for corrections. As long as the price remains above that level, upside bias remains intact. 4 hours charts are getting into over bought territory right now. Next candle opening will probably clear if we will see more continuations or corrections for the next hours.