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GBP/USD advancing above 1.6100 level - FXStreet

FXStreet (Łódź) - 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.

Key quotes

"The GBP/USD advances above the 1.6100 level and the daily descendant trend line coming from 1.6253."

"But some recent highs, a few pips above current level at 1.6125, has capped the upside for the last 10 days, and price actually needs to break above it to confirm further gains as the break above the trend line has been through lateralization."

"The 4 hours chart also shows 20 SMA aiming higher well below current price, offering dynamic support around 1.6050, while momentum turns north well above its midline after correcting overbought readings."

"Some follow through beyond mentioned 1.6125 price zone should see the pair advancing towards 1.6160 price zone in the short term, while above this last, 1.6200 comes next. Below 1.6100 on the other hand, 1.6050 comes as the probable bearish target of the day."

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