Small boost of risk appetite in the US session is taking GBP/USD near daily high, set so far at 1.6077. Stocks got back in green, commodities suffer today, and forex board is mostly choppy and range bound giving not clues on direction, as it has been happening for a couple of weeks already. The GBP/USD hourly chart shows price aiming to break above the 38.2% retracement on its latest daily fall, opening the first hourly candle of the day right above the level, although there is not enough follow trough in price at the time being. Technical readings in the 1 and the 4 hours chart are still positive, suggesting if short term retracements hold above 1.6060 there’s scope for a test of 1.6100 area, 50% retracement of the same rally.
Selling is not recommended unless price loses 1.6010 level, looking then for a quick run towards 1.5970 past week low.View Live Chart for GBP/USD