Forex: GBP/USD pares losses to trade at session high at 1.550/27

FXstreet.com (Barcelona) - The GBP/USD has erased its losses, having bottomed out earlier at the 1.5470 region Wednesday during European trading. However, at the onset of the US session, the cross has bulwarked its way ahead, streaming to session highs at 1.5520/27 in these moments, en route to a +0.21% gain above its opening levels.

According to Commerzbank Analyst Karen Jones, “The GBP/USD has at last started to ease back from its 1.5601/50% retracement of the move seen this year. This together with the top of the channel at 1.5650 offers tough near term resistance and we favor failure.”

Briefing the technical levels, “The latest setback was staged from resistance at 1.5606. As long as support at 1.5402 holds, there’s scope for resumption of strength. Near-term resistance is at 1.5552, suggesting a bullish near-term outlook.” cites Research Analyst Gareth Berry at UBS.