The Pound has pared losses against the Greenback in a volatile session following the S&P decision to downgrade the US long-term debt late Friday. GBP/USD lost over 170 pips during Monday's European session but rebounded from lows around 1.6296, and rose more than 70 pips toward a session high of 1.6373 during the New York trade. Currently, the pair is quoting at the 1.6360/70 zone, still 0.58% below its opening price.
"GBP/USD made a strong comeback from daily low at 1.6296 and extends gains near 1.6380 immediate resistance zone", said Valeria Bednarik, chief analyst at FXstreet.com. "Testing 20 SMA downside up and with an increasing bullish momentum in the hourly chart, pair needs to overcome mentioned resistance to extend gains near 1.6440 today. Above this last 1.6475 is next".
"To the downside, only a clear candle opening below 1.6300 not seen for today, the pair may lose some ground towards 1.6250 price zone", Bednarik added.
Source: FXCC
"GBP/USD made a strong comeback from daily low at 1.6296 and extends gains near 1.6380 immediate resistance zone", said Valeria Bednarik, chief analyst at FXstreet.com. "Testing 20 SMA downside up and with an increasing bullish momentum in the hourly chart, pair needs to overcome mentioned resistance to extend gains near 1.6440 today. Above this last 1.6475 is next".
"To the downside, only a clear candle opening below 1.6300 not seen for today, the pair may lose some ground towards 1.6250 price zone", Bednarik added.
Source: FXCC