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24 Dec 2013
GBP/USD spikes to daily highs
FXstreet.com (Córdoba) - The GBP/USD picked up momentum and spiked to fresh daily highs amid thin volume in pre-holiday markets.
The GBP/USD rose nearly 30 pips in a matter of minutes and touched a high of 1.6374 before pulling back slightly. At time of writing, the GBP/USD is trading at the 1.6360 area, recording a 0.1% gain on the day ahead of the US durable goods orders data release.
GBP/USD technical outlook
"A small quick rally is more likely balancing action than the start of something new- day high and low now contain a central high volume pivot at 1.6340, level with Mon and effectively matching Mon's range", says the FXMarketAlerts team. "There's still room inside the 1.63, 1.64 for GBP to range to end the month".
As for technical levels, the FXMarketAlerts team locates immediate resistances at 1.6385 (Nov high), 1.6395 (Thur, Fri highs) and 1.6440 (base 18-Dec spike high). On the other hand, they see supports at 1.6322 (Mon low), 1.629 (18-Dec am rally accel) and 1.6250 (Oct tops. Nov break).
The GBP/USD rose nearly 30 pips in a matter of minutes and touched a high of 1.6374 before pulling back slightly. At time of writing, the GBP/USD is trading at the 1.6360 area, recording a 0.1% gain on the day ahead of the US durable goods orders data release.
GBP/USD technical outlook
"A small quick rally is more likely balancing action than the start of something new- day high and low now contain a central high volume pivot at 1.6340, level with Mon and effectively matching Mon's range", says the FXMarketAlerts team. "There's still room inside the 1.63, 1.64 for GBP to range to end the month".
As for technical levels, the FXMarketAlerts team locates immediate resistances at 1.6385 (Nov high), 1.6395 (Thur, Fri highs) and 1.6440 (base 18-Dec spike high). On the other hand, they see supports at 1.6322 (Mon low), 1.629 (18-Dec am rally accel) and 1.6250 (Oct tops. Nov break).