FXstreet.com (Barcelona) - The 1.6300 level continues to thwart the GBP/USD Friday during the onset of American trading. Despite the pairs multiple failed attempts to break higher above this level, the pair is still operating at a rate of +0.40% above its opening. At this region, the cross has settled in the region of 1.6280 in these moments, outperforming its 50, 100, and 200-hourly SMA, a further reiteration if its strong performance today.

According to the technical analyst team at ICN.com, “The bounce started at the weekly PP at 1.6165 is still in progress, though we should be prudent after the GBP/USD touched its initial resistance at 1.6300. Indeed, a daily or rather a weekly closing above 1.6300 will change our suggested double top Bat pattern into a Crab pattern and then, the CD leg will extend. Therefore, we hold onto our neutrality due to the sensitivity of the current trading levels; noting that a push back below 1.6180 will activate a bearish scenario.”

Having repeatedly approached resistance at 1.6300, ICN.com analysts point to additional means of resistance at 1.6350 and 1.6390. In terms of data, no further economic indicators are expected out of the United States or Great Britain for the duration of Fridays session.