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GBP/USD regains 1.6000 as dollar recedes

FXStreet (Córdoba) - Cable managed to climb back above 1.6000 at the beginning of the New York session as the dollar takes a breather following a sharp rally triggered by Fed’s hawkish statement on Wednesday.

GBP/USD bottomed out at 1.5950 after the release of better-than-expected US GDP figures, but profit taking and stretched positions helped the pound to rise to the 1.6025 area. However, the pair was having a hard time extending its recovery beyond that level, and retreated slightly to currently trade at 1.6011, virtually unchanged on the day.

GBP/USD levels to watch

As for technical levels, next resistances could be found at 1.6085 (Oct 29 intraday level) and 1.6100 (psychological level), while immediate supports are seen at 1.5950 (intraday low) and 1.5940 (Oct 16 low) ahead of 1.5900 (psychological level).

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