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GBP/USD climbs to 1.6150

FXStreet (Edinburgh) - The sterling is extending its march north on Monday, pushing GBP/USD to the mid-1.6100s and posting fresh intraday highs at the same time.

GBP/USD bounces off 1.6080

Spot managed to break above the recent consolidative pattern around 1.6080/1.6100, printing fresh multi-day highs near 1.6150 and prolonging the rebound from recent ytd lows in the 1.5860 area. Ahead in the week, the BoE minutes will put the current upside to the test (Wednesday) ahead of UK Retail Sales (Thursday) and GDP figures (Friday). In the view of Jane Foley, Senior Currency Strategist at Rabobank, “The outlook for cable has been complicated by the fact that the market has been simultaneously adjusting its expectations for both Fed and BoE policy… we see the potential for cable to hold mostly within a GBP/USD1.59 to 1.62 range in the coming months”.

GBP/USD levels to consider

At the moment the pair is gaining 0.29% en 1.6141 with the next hurdle at 1.6155 (21-d MA) followed by 1.6186 (30-d MA) and then 1.6200 (50% of 1.6525-1.5875). On the flip side, a breach of 1.6078 (10-d MA) would open the door to 1.6051 (Tenkan Sen) and finally 1.5940 (low Oct.16).

GBP/USD advancing above 1.6100 level - FXStreet

FXStreet Chief Analyst Valeria Bednarik sees GBP/USD breaking above the 1.6100 level and the possibility of the pair rising towards 1.6160 in the short term.
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USD/CHF falls below 0.9455

The Swiss franc is rising again the US dollar and the euro on Monday after rallying during the European session.
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