FXstreet.com (Córdoba) - The cable broke above the 1.5700 level and rose toward its highest level since Jul 30 as the US dollar weakened on the back of disappointing economic data, which fueled expectations of Fed further action.
GBP/USD rose over 100 pips from daily lows also propelled by better-than-expected UK retail sales, and recently reached a high of 1.5742. At time of writing, the pair is quoting at the 1.5735/40 zone, scoring a gain of 0.4% since the Asian opening.
From a technical view, "the hourly chart shows a strong upward momentum, as well as the 4 hours one supporting the continuation rally", Valeria Bednarik, chief analyst at FXstreet.com recently commented. "20 SMA in the 4 hours chart stands at 1.5690 giving now support in case of retracements, and losses below that level seem quite limited at the time being".
Next resistances are seen at 1.5770 and 1.5810, while immediate supports could be found at 1.5690 and 1.5655, according to the analyst.
GBP/USD rose over 100 pips from daily lows also propelled by better-than-expected UK retail sales, and recently reached a high of 1.5742. At time of writing, the pair is quoting at the 1.5735/40 zone, scoring a gain of 0.4% since the Asian opening.
From a technical view, "the hourly chart shows a strong upward momentum, as well as the 4 hours one supporting the continuation rally", Valeria Bednarik, chief analyst at FXstreet.com recently commented. "20 SMA in the 4 hours chart stands at 1.5690 giving now support in case of retracements, and losses below that level seem quite limited at the time being".
Next resistances are seen at 1.5770 and 1.5810, while immediate supports could be found at 1.5690 and 1.5655, according to the analyst.
