The British currency soared around 60 pips in the early going of the Asian session, mainly weighed by the strong spike in EUR/USD, after stops above 1.3200 were triggered. GBP/USD set a fresh 4-day high at 1.5486, and at the time of writing maintains a bullish bias at 1.5475.
As the upside leg developed, Valeria Bednarik, our Chief Analyst at FXstreet.com wrote: "Breaking above the descendant trend line, that capped the upside for more than 1 week, pair is still struggling with recent 1.5440/60 resistance zone (level broken)".
She added: "Hourly indicators however favor the upside, as well as 4 hours ones that show increasing bullish momentum: acceleration above recent highs, should favor a continuation rally towards the 1.5520 price zone, where 200 EMA will offer some resistance ahead of stronger 1.5560 price zone".
Support levels: 1.5440 1.5400 1.5370, Resistance levels: 1.5485 1.5520 1.5560
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