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GBP/USD advance stalling near 1.6100 on Monday - FXStreet

FXStreet (Łódź) - As FXStreet Chief Analyst Valeria Bednarik points out, GBP/USD climbed somewhat on Monday, currently trading close to the 1.6100 area.

Key quotes


"With no first line news to come in the UK, market is moving on relief following a better than expected stress test in the EZ, but as usual in Monday showing little aims to move too far away."

"Technically, the GBP/USD 4 hours chart shows price above a flat 20 SMA, as indicators stand directionless above their midlines, with immediate resistance at 1.6125, a strong static level."

"Above it, a daily descendant trend line coming from July high of 1.7090 offers today’s probable target in case of advances above mentioned 1.6125, in the 1.6160 price zone."

"To the downside, a break below 1.6050 will deny the possibility of a stronger recovery and see the pair returning south, pointing then to a slide towards the 1.6000/10 price zone."

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