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GBP/USD holds up above 1.6100

FXStreet (Córdoba) - GBP/USD remains capped by the 1.6125 area following a couple of failed attempts to break above that resistance zone, and enters the New York session on a steady note, consolidating right above the 1.61 mark.

GBP/USD has spent most of the day in a narrow range, hovering around the 1.6100 level unable to pick up momentum either side on the board. At time of writing, Cable is trading at 1.6107, up 0.14% on the day.

GBP/USD short-term outlook


Valeria Bednarik, chief analyst at FXStreet notes that the pair holds a slight bullish tone in short-term charts,supporting some further gains for the day. “A break above 1.6125 should lead to an advance up to 1.6160, a daily descendant trend line coming from 1.7090”.

Bednarik locates immediate support levels at 1.6070, 1.6030 and 1.5995, while she sees resistances at 1.6125, 1.6160 and 1.6200.

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