Forex: GBP/USD stabilizing above 1.6200

FXstreet.com (Barcelona) - The London morning upside allowed the break of the 1.6200 mark to a high of 1.6217, one pip away from the Oct-1 high (1.6218). Facing strong resistance there, the GBP/USD eased eventually to 1.6195 but is stabilizing above the psychological level, mostly around 1.6205.

According to Sky News, The BoE plans to change to pastic bank notes in the future, joining many other countries that already use polymer-based currency, which can be more durable than traditional cotton-based paper notes.

“After reaching this level, the pair may fall down towards the level of 1.6115 and later start moving upwards to break the target at 1.6260. This will be the main local target of this ascending wave”, wrote Roboforex analyst Igor Sayadov, expecting the price to reach 1.6225.

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