FXstreet.com (Barcelona) - Pound has extended its gains during the American session against the Dollar with the GBP/USD rising around 100 pips from 1.6190 in the early US morning to break 1.6265 resistance and test 1.6300 level.
Currently the pair is trading 1.00% from opening price to the current 1.6285/95, continuing with its recovery from 7-week low at 1.6115.
valeria Bednarik, FXstreet.com collaborator, comments: Slightly bullish today, pair still looks bearish in the daily chart: capped by a descendant trend line, and with 20 SMA well above current price and turning bearish; current rally has been halted for now, by the strong 1.6250 area after pair rebound from the 1.6110 lows. Immediate resistance above mentioned 1.6250 comes at the 1.6320 area, where we have the trend line, ahead of stronger 1.6375/80 highs. Supports from here, lie at 1.6520, 1.6160 and 1.6110.