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GBP/USD up to 1.6356 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes a mildly positive tone in GBP/USD at the opening of the week, with the pair rising to 1.6356.

Key quotes

"It's a few pips above a key Fibonacci level, the 50% retracement of this September bearish move at 1.6345."

"However the pair has been so far unable to sustain gains above it and slowly retraces."

"The technical picture, according to the 4 hours chart shows price right below a flat 20 SMA that converges with the mentioned Fibonacci level, while momentum heads higher above its midline."

"Later today, ECB head Mario Draghi is due to give testimony before the European Parliament's Economic and Monetary Committee, in Brussels, followed them by some housing data coming from the US, which means the pair will likely trade range bound ahead of the news."

"Another round of dollar demand should see price accelerating through 1.6310, looking then for a test of 1.6275, 38.2% retracement of the same rally, while if below this last, 1.6220 comes next."

"To the upside, some steady gains above 1.6350 are required to see an upward extension, with a break above mentioned daily high favoring a rally towards 1.6400/10 price zone."

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