15 Nov 2013
GBP/USD breaks above 1.6100
FXstreet.com (Córdoba) - The GBP/USD broke above the 1.6100 level and rallied to fresh 2-week highs at the beginning of the American session, following a disappointing string of US indicators.
The pound took advantage of a weaker dollar and rose to its highest since Oct 29 at 1.6134 before losing momentum and pulling back slightly. The GBP/USD is currently trading at the 1.6120 area, recording a 0.3% gain on Friday. Valeria Bednarik, chief analyst at FXstreet.com noted that "a daily close above 1.6100 should point for a test of 1.6260 late October highs for next week".
GBP/USD levels to watch
As for technical levels, a break above 1.6134 (daily high) would target 1.6144 (Oct 29 high) and 1.6170 (Oct 17 high). On the other hand, if the pair falls below 1.6100 supports could be found at 1.6047 (daily low) and 1.6025 (200-hur SMA).
The pound took advantage of a weaker dollar and rose to its highest since Oct 29 at 1.6134 before losing momentum and pulling back slightly. The GBP/USD is currently trading at the 1.6120 area, recording a 0.3% gain on Friday. Valeria Bednarik, chief analyst at FXstreet.com noted that "a daily close above 1.6100 should point for a test of 1.6260 late October highs for next week".
GBP/USD levels to watch
As for technical levels, a break above 1.6134 (daily high) would target 1.6144 (Oct 29 high) and 1.6170 (Oct 17 high). On the other hand, if the pair falls below 1.6100 supports could be found at 1.6047 (daily low) and 1.6025 (200-hur SMA).