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Forex: GBP/USD rises to 11-week high

FXstreet.com (Córdoba) - The Cable extended gains, breaking above yesterday's highs (1.5545) and rallying to an 11-week peak as the US dollar weakened broadly after a soft Chicago PMI reading.

GBP/USD rose about 90 pips within the last hours and reached a high of 1.5566 before finding resistance at the 100-day SMA and easing a tad. At time of writing, GBP/USD is trading around 1.5550, still up 0.3% on the day.

As for technical levels, on the upside next resistances are seen at 1.5566 (daily high and 100-day SMA), followed by 1.5600 (psychological level). On the downside, immediate supports could be found at 1.5465 (daily low) and 1.5417 (low Apr 26).

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