After gaining ground for a fifth day, GBP/USD extended its bullish trend momentum in earlier trade, reaching as high as 1.5968, but now stands at 1.5960 from 1.5950 at the close in New York. â€œFor today, the roof of the daily descendant channel lays around 1.6100, too far away to consider a test; however, the continued recovery from the base of the mentioned channel, gives Pound a clearer bullish case,â€ says Valeria Bednarik, Chief Analyst at FXstreet.com. â€œStronger resistance comes around the 1.6065 level, and that seems a more logical target if the upward momentum continues.â€ If GBP/USD reverses course, Ms. Bednarik identifies support levels at 1.5920, 1.5885 and 1.5850.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.