FXstreet.com (Barcelona) - After bouncing from 1.6110, fresh intra-day low, GBP/USD rose around 140 pips in the European session to break 1.6180 resistance (Aug 31 low) and reach levels close to 1.6250. Pair was rejected at this level and it was launched close to 1.6200 after the ADP employment report and Nonfarm productivity index.
Currently, GBP/USD is trading around 1.6205/15, 0.50% above today's opening price action.
Valeria Bednarik, FXstreet.com collaborator, comments: Pound has recovered some upside momentum during European session, but hourly indicators suggest pair has found a top around 1.6250 resistance level. Indicators point for a downside movement to come, with 1.6180 as first support to consider. Bigger time frames show pair upside movement has halted exactly at the 20 SMA in 4 hours charts, suggesting further upside movements will remain limited.
Bednarik provides us with her levels: Support levels: 1.6180 1.6145 1.6110. Resistance levels: 1.6220 1.6250 1.6300.