FXstreet.com (Barcelona) - The Sterling has advanced further in the European Opening bell against the Dollar with the pair adding bullish momentum in the hourly chart. GBP/USD has risen around 85 pips from 1.6270 to break 55 hours moving average at 1.6300 and test highest level since Dec 16 at 1.6355.
Cable is in recovery path from last Friday low at 1.6210 with the pair rising 0.50% so far today from opening price action at 1.6262 to the current 1.6340.
A test of resistance level is expected once again, comments it as scoop Tomas Cedavicius, analyst at Investija.com, look for buying opportunities above resistance.
The Pound weakened versus the Dollar after 5 consecutive days of gains as a result of declines in world stocks. affirms the UFXBank Research, Rightmove HPI came out positive with 0.4% versus -2.2% prior. Overall, GBP/USD traded with a low of 1.6212 and a high of 1.6355. GBP/USD has hit resistance level at 1.6350 along with 200 day moving average and a downside move is expected. Concludes the UFXBank Research team.