FXstreet.com (Barcelona) - The Pound is recovering almost all of its losses against Dollar after jumping around 60 pips in the latest minutes from intra-day low at 1.6155 to trade above 1.6200. Currently the pair is trading around 1.6200/10, posting 0.10% losses from opening price action.
Sam Shenker, analyst at TradeTheNews, comments: Cable longs continued to unwind their positions following the break of key support around the 1.6200-1.6246 zone, a confluence of the upward sloping channel's upper boundary and 23.6 Fib of the 1.3656-1.7046 GBP rally. Sustained momentum on the part of greenback longs will most likely see the pair head toward the psychologically-important 1.6000 handle, a level defended by the July monthly pivot. Any further break to the downside would aim at the lower part of the trading range at 1.5802, a June monthly pivot low, which is further reinforced by the key 38.2 Fib of the March-August cable rally at 1.5751.