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GBP/USD breaks above 1.6200

FXStreet (Córdoba) - Cable rose further in the currency market and reached fresh highs, trimming weekly losses. GBP/USD broke above 1.6200 and climbed to 1.6230, where Monday’s highs are located.

Expectations about the Scottish referendum continue to affect trading in cable. New reports showed that the “no” is leading, giving an extra boost to the pound in the market.

Currently the pair trades at 1.6210, up 0.65% for the day so far but still down for the week so far. From daily lows it has risen more than 150 pips.

Will GBP/USD close the gap?

The pair started the week trading 150 pips below the previous close, making a bearish gap. Recent rally brought GBP/USD back to where it started but the gap is still open. Price needs to rise to 1.6320 to fill it.

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