Forex: GBP/USD bulls have room to run; resistance at 1.6065 - V.Bednarik

FXstreet.com (San Francisco) - GBPUSD last trades at 1.5915 as it operates within a 1.5890-1.5920 range intraday, still up around 0.2% from Friday's close. "The bounce of GBPUSD from the bottom of the daily descendant channel is slowly taking form & with a break above 1.5920 confirming an upward continuation rally," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "The pair has plenty of room to go as next key resistance level lies now at 1.6065 area."

Above the mentioned 1.5920 level lies more immediate resistance at 1.5960 and 1.6000, says Ms. Bednarik. She notices bearish targets at 1.5885, 1.5850 and 1.5820.

The euro zone finance ministers meeting is the main focus in the session ahead. GBP price action will likely be driven by sentiment ahead of Wednesday's BoE minutes release.