Forex: GBP/USD rises above 1.59 on positive tone (San Francisco) - Intraday price action set a six-day high for GBP/USD in Asia, rallying above 1.5900 to extend as high as 1.5920 on the back of positive sentiment driven by strong performances in regional bourses following the positive tone in U.S. equities seen last week.

“The GBP/USD continues consolidating in the base of the daily descendant channel, limited to the upside by 1.5920 static resistance level,” says Valeria Bednarik, Chief Analyst at “Price however, needs to establish above mentioned 1.5920 area to be able to extend its advance towards the 1.60 area.”

The analyst identifies further resistance levels at 1.5960 and 1.6000, while support levels are noted at 1.5850, 1.5820 and 1.5770. The minutes of the latest BoE MPC meeting is on offer this week (Wednesday) and will be key event risk for GBP. Otherwise, tight ranges are to be expected later in the week as the U.S. celebrates Thanksgiving.