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18 Oct 2013
GBP/USD breaks above 1.6200
FXstreet.com (Córdoba) - After treading water most of the Asian session, the GBP/USD resumed the upside and pushed through a couple of resistance levels to reach fresh 2-week highs above 1.6200.
The US dollar weakened across the board weighed by lower yields, sending GBP/USD to above 1.6200 during the European trade, with gains accelerating on the break of 1.6170. At time of writing, GBP/USD is trading at the 1.6210 area, 0.3% above its opening price, having hit a peak of 1.6218 so far. "The uptrend here is intact and the pair is heading towards 1.6300 resistance area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support is projected at 1.6130, followed by the break-out area around 1.6060".
GBP/USD levels to watch
In terms of technical levels, immediate resistances for Cable are seen at 1.6240 (Oct 1 high) and 1.6259 (Oct 01 high), while supports could be found at 1.6142 (daily low) and 1.6100 (psychological level).
The US dollar weakened across the board weighed by lower yields, sending GBP/USD to above 1.6200 during the European trade, with gains accelerating on the break of 1.6170. At time of writing, GBP/USD is trading at the 1.6210 area, 0.3% above its opening price, having hit a peak of 1.6218 so far. "The uptrend here is intact and the pair is heading towards 1.6300 resistance area", says Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support is projected at 1.6130, followed by the break-out area around 1.6060".
GBP/USD levels to watch
In terms of technical levels, immediate resistances for Cable are seen at 1.6240 (Oct 1 high) and 1.6259 (Oct 01 high), while supports could be found at 1.6142 (daily low) and 1.6100 (psychological level).