FXstreet.com (Barcelona) - The GBP/USD has been climbing steadfastly during European trading, ahead of the release of several key economic indicators in the United Kingdom Wednesday. The pair’s unabated ascent towards the 1.6100 level has been met with little resistance, and at the time of writing, the cross has recorded a +0.15% gain, vastly outperforming its 100 and 200-hourly SMA.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The GBP/USD continues to trend higher after corrective pullback off a previous high at 1.6033, contained by its ascending 20-day EMA. Positive sentiment keeps bulls fully in play, despite overbought readings of the near-term studies. Initial support zone at 1.6033/1.6000 is expected to hold any declines.”
Drvenica identifies the pair’s next measures of resistance at 1.6100, then 1.6150, and finally 1.6181. On the downside, the next short-term resistances are located at the levels of 1.6063, then 1.6033, and eventually 1.6000.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The GBP/USD continues to trend higher after corrective pullback off a previous high at 1.6033, contained by its ascending 20-day EMA. Positive sentiment keeps bulls fully in play, despite overbought readings of the near-term studies. Initial support zone at 1.6033/1.6000 is expected to hold any declines.”
Drvenica identifies the pair’s next measures of resistance at 1.6100, then 1.6150, and finally 1.6181. On the downside, the next short-term resistances are located at the levels of 1.6063, then 1.6033, and eventually 1.6000.
