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GBP/USD breaks higher above 1.5200 level

FXstreet.com (Barcelona) - Ahead of a large tranche of economic data this week that should prove pivotal for the United Kingdom, the GBP/USD recently moved towards session highs Monday, having now traded above 1.5200.

In a highly muted session, the GBP/USD has settled at 1.5206/09 Monday, up +0.10% during European trading. Mataf.net analysts point to the next level of correction for the GBP/USD at 1.5245, then 1.5321, and finally 1.5365. On the decline, supportive structures abound at 1.5125, ahead of 1.5081, and finally 1.5005.

According to the ICN.com technical analyst team, “The GPB/USD last week confirmed a breakout below 50% correction at 1.5220 which might extend bearishness to test 61.8% correction at 1.5125, a break of which might extend the downside move toward 78.6% correction at 1.4995.”

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