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Forex: GBP/USD at daily highs

FXstreet.com (Córdoba) - Following a spike of risk aversion in the wake of disappointing US housing data, GBP/USD managed to recover ground and even climbed to fresh daily highs.

GBP/USD broke above the 1.5950 zone and stretched to a high of 1.5272 in recent dealings as stocks erase losses in Wall Street. At time of writing, GBP/USD is trading around 1.5270, recording a 0.3% rise on the day.

From a technical view, Fan Yang, analyst at FXTimes notes that GBP/USD has held above a rising channel support (today at 1.5200).

"If the channel support holds, or if after a brief break the market pulls back above 1.53, the GBP/USD would likely be in a bullish continuation, especially if the RSI also comes back above 60 after a failed attempt below 40", says the analyst. "This will open up the 1.54 handle up to the 1.5422 level (38.2% retracement of the 2013 downswing from 1.6379 to 1.4830)".

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