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16 Oct 2014
GBP/USD climbs to 1.6050
FXStreet (Córdoba) - Cable is rising for the second day in a row against the US dollar, recovering after falling to a 11-month low at 1.5872 yesterday. As stocks moved off session lows in Europe and in Wall Street, GBP/USD broke above 1.6030 and climbed to 1.6050, hitting a fresh daily high.
Afterwards the pair pulled back and it was trading at 1.6015, slightly above the price it closed yesterday but still holding a bullish tone in the short term.
GBP/USD facing resistance
To the upside, the pair has important resistance around 1.6050. The zone around 1.6050/60 was support last week and yesterday capped the upside. Also at 1.6050 strands a short term downside trendline.
If the pair manages to break above 1.6060 it could trigger some stops and accelerated. To the downside, immediate support might lie at 1.5990 and below here at 1.5940 (daily low).
Afterwards the pair pulled back and it was trading at 1.6015, slightly above the price it closed yesterday but still holding a bullish tone in the short term.
GBP/USD facing resistance
To the upside, the pair has important resistance around 1.6050. The zone around 1.6050/60 was support last week and yesterday capped the upside. Also at 1.6050 strands a short term downside trendline.
If the pair manages to break above 1.6060 it could trigger some stops and accelerated. To the downside, immediate support might lie at 1.5990 and below here at 1.5940 (daily low).