Forex: GBP/USD jumps to test 1.5700

FXstreet.com (San Francisco) - The Sterling has jumped more than 120 pips in the last hour from 1.5575 to reach fresh August highs at 1.5696. Pair is currently moving at 1.5676, 0.25% above today's opening price action, and in its way to test the 1.5700 level.

"GBPUSD rose to a fresh weekly high on 1.5692 as dollar is being dump across the board," comments Valeria Bednarik from FXstreet.com. "The pair has broke several resistance areas without looking back, suggesting some limited pullbacks for the short term, before it finds the strength to continue higher."

In terms of technical levels, "1.5660 is immediate static support and if below, the pair may complete a retrace towards 1.5630 area, 20 SMA in the 4 hours chart," continues Bednarik. "Resistances come at 1.5700 and 1.5730 ahead of 1.5770 strong long term one."