Published: Fri, 22 May 2009 18:20:00 +0200

Forex: GBP/USD rises 5.0% so far this week, back above 1.5900

Fxstreet.com (Barcelona) - After reaching 6-month high at 1.5945 and rejecting to levels around 1.5850, Cable has risen to take place above 1.5900 again. The pair has risen around 75 pips from 1.5850 to 1.5925, Currently Cable is trading around 1.5915/25, 0.20% above today's opening price.

GBP/USD is trading its fifth consecutive positive day after trading in Monday low at 1.5115 to win 850 pips to reach fresh 6-month high at 1.5945. The current week the Sterling is gaining almost 5.0% against Greenback from 1.5170 Monday opening to the current 1.5910.

Valeria Bednarik, FXstreet.com collaborator, Uptrend in cable could be focusing in 1.60 zone: "Bullish momentum continues slowly addressing to the key 1.60 zone. Hourly indicators suggest more upside bias in the pair, while price remains well bid above 20 SMA. Expected acceleration above 1.5950. Support levels: 1.5890 1.5840 1. 5770. Resistance levels: 1.5950 1.6000 1.6030."

By Fxstreet.com

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