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Forex pairs in this Article » GBP/USD (Barcelona) - Valeria Bednarik, FXStreet Chief Analyst comments that GBP/USD is now targeting the April 2011 high at 1.6745.

Key Quotes

“Dollar is strongly down against its European rivals this Thursday, hit by improved readings in the EU PMIs. The GPB/USD soared to a fresh year high of 1.6614, having pullback slightly lower, hardly affected by disappointing realized sales in the UK.”

“The 4 hours chart shows that despite indicators stand in overbought territory, the bullish momentum persists, with the pair now finding short term support in the 1.6580 area. In the same time frame, 20 SMA presents a strong upward slope currently around the 1.6500 figure.”

“August 2011 monthly high stands at 1.6618 offering immediate resistance, yet a break above it will likely trigger further gains, eyeing in the short term 1.6660, while once above this last, next bullish target comes at 1.6745, April 2011 monthly high.”

“Corrective dips will probably be short lived and attract buyers, all the way down to 1.6510.”
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