Forex: GBP/USD reaches 1.5200 level
GBP/USD continues to trade higher on Friday, after a recent bullish burst lifted the British currency around 30 points. The upleg broke through 1.5200 area, thus setting a new 2-month high at 1.5213 zone. Current price stays at 1.5210.
The upside acceleration seems far from over as further upside exposure may be in the brewing. It took nearly 12 hours since the Asian session first opened, but after 2-failed attempts, the third extra push-up given in Europe materialized the break of an important hurdle at 1.5200
“Unfortunately the pair couldn't break below 1.4850 support and the overall uptrend was renewed, marking a new high at 1.5199. Further appreciation is to be expected, towards 1.5345 and probably 1.5524 resistance. Initial support is seen around 1.51+, but crucial for the uptrend is 1.5000 area”: said Stoyan Mihaylov at Delta Stocks.
