Forex: GBP/USD rallies above 1.6120 resistance; scope for 50-pip run?

FXstreet.com (San Francisco) - GBP/USD last trades at 1.6120 after climbing to an intraday high of 1.6124 so far this Friday. The cross has attracted more buyers and is now threatening to break onto higher ground. Valeria Bednarik, Chief Analyst at FXstreet.com says that bullish movements hold scope to target 1.6170 if immediate resistance at 1.6120 gives way; she also says that the downside appears “well limited by [the strong] 1.6065 static support level.”

According to FX Instructor’s Mark De La Paz recent comments on GBP/USD, there is a Harami pattern present in the market: “Market bias for GBPUSD is bearish with prices under a strong resistance level at 1.6116 the Pivot Point,” he says. “Given that Bullish Harami is a low level bullish reversal pattern it is necessary to look for a close above the strong resistance first before taking action.”

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