The GBP/USD advanced up to 1.6371, maintaining the overall bullish tone as despite extreme overbought readings in the 4 hours chart, corrective movements remain shallow: the pair is finding short term buyers now around the 1.6310 area. Markets remain thin ahead of US opening, although further gains should be expected on a price acceleration beyond 1.6380 yearly high, eyeing then the 1.6425/40 area, where the pair presents several daily highs and lows from August/September 2011.
To the downside, main support comes around 1.6290, and a break below it may favor a downward correction towards 1.6250, albeit this last should again attract buyers if reached.
View Live Chart for GBP/USD
To the downside, main support comes around 1.6290, and a break below it may favor a downward correction towards 1.6250, albeit this last should again attract buyers if reached.
View Live Chart for GBP/USD
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