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GBP/USD spikes to 1.6100

FXStreet (Edinburgh) - The sterling is trading on a firm tone on Friday, now lifting GBP/USD beyond the 1.6100 key handle.

GBP/USD following the EUR

Spot is extending its rebound from the 1.5900 neighbourhood, and remains well poised to challenge Monday’s weekly tops around 1.6125. The pair shrugged off BoE’s Haldane dovish comments made in early morning and is now trading in 4-day highs above 1.6100 the figure. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Initial resistance is the 20 day ma at 1.6156 and key short term resistance is the 3 month downtrend located at 1.6250 and while capped here it a short term negative bias will be maintained”.

GBP/USD levels to consider

The pair is now advancing 0.05% at 1.6097 and a surpass of 1.6110 (high Oct.17) ahead of 1.6123 (38.2% of 1.6525-1.5875) and then 1.6135 (high Oct.10). On the downside, a breach of 1.5940 (low Oct.16) would open the door to 1.5875 (low oct.15) and finally 1.5854 (low Nov.12 2013).

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