Forex: GBP/USD jumps to 1.5880

The Sterling has accelerated its recovery against the Dollar and after jumping 50 pips in the last hour from 1.5830, the GBPUSD has peaked to intra-day highs at 1.5880.

Currently the pair is pricing at 1.5870, 0.20% above opening price action. The 1.5850 "level has offered short term resistance for most of the day," comments Valeria Bednarik from FXstreet.com. "So once above, the upside seems exposed towards the 1.5910/20 price zone." on the other side, the 1.5850 area therefore comes now as support and it "will offer short term support."

Resistance levels are at 1.5880 1.5915, while Support levels come at 1.5850, 1.5820 1.5770.