Forex: GBP/USD rises above 1.6500 and tests 1.6520 resistance

Fri, Jun 26 2009, 16:13 GMT
http://www.fxstreet.com

Fxstreet.com (Barcelona) - After finding support at 1.6460, coming from its 60 pips decline from 1.6520, GBP/USD has risen to trade above 1.6500 and test 1.6520 resistance. Currently the pair is trading around 1.6510/20, posting 0.60% daily gains from opening price action.

According to Valeria Bednarik, FXstreet.com collaborator, Cable is bullish: "Pair remains bullish in the hourly, still inside daily range between 1.6200 and 1.6600 level. Indicators lost steam yet bigger time frames support further rises in the next hours. Watch for a break above 1.6520. Support levels: 1.6471 1.6440 1.6400. Resistance levels: 1.6520 1.6560 1.6600"