The GBP/USD trades at fresh weekly highs right below 1.6400, having seen an early knee jerk down to 1.6302 from where the pair bounced quite nicely, suggesting buyers may be ready to rebuild their long positions. Fundamental news were quite discouraging, with Mortgage approvals down 1.2K from previous month, and Public Sector Net Borrowing well above an already high expected number.
Dollar intraday bearishness however, favors further advances in the pair with immediate resistance at 1.6410, 61.8% retracement of this September early fall: gains above the level should favor a continuation up to 1.6460, in route to recent highs around 1.6530. To the downside, immediate support comes at 1.6345, 50% retracement of the same rally, with a break below it probably seeing another test of the 1.6300 figure.
View Live Chart for GBP/USD
Dollar intraday bearishness however, favors further advances in the pair with immediate resistance at 1.6410, 61.8% retracement of this September early fall: gains above the level should favor a continuation up to 1.6460, in route to recent highs around 1.6530. To the downside, immediate support comes at 1.6345, 50% retracement of the same rally, with a break below it probably seeing another test of the 1.6300 figure.
View Live Chart for GBP/USD
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