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Forex: GBP/USD up to 1.5220 on Eurozone headlines

FXstreet.com (Barcelona) - Once again, the 1.580 zone held the GBP/USD against further downside just ahead of the NY opening, allow-ing then a move back up and an extension of gains to 1.5220 area on headlines from Cyprus.

The Cypriot ruling party said they are confident that the country will achieve a bailout deal within EU framework over the next hours.

Also from the Eurozone is the meeting between Bersani and the Italian President where he should be asked to form a government. Bersani says he will not do it with Berlusconi and Grillo has rejected any coalition with any of the main parties.

“A break above 1.5220 should signal an increase on demand, exposing in the short term the 1.5270 level, 200 EMA in the 4 hours chart”, wrote FXstreet.com independent analyst Valeria Bednarik, point-ing to risk of a stronger fall in case of loss of the 1.5115 support area.

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