Forex: GBP/USD still exchanging above double bottom' neckline

FXstreet.com (San Francisco) - GBPUSD is consolidating with a negative bias ahead of the European opening, last quoted at 1.6145, around 20 pips below its starting price today in the Asia-Pacific. Spot is operating above a short-term base at 1.6140.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the market "presents a double bottom around 1.6000, and [yesterday] the pair breached the neck line around 1.6130, which opens scope for and advance towards 1.6260 area now, a 130 pips run," she says in a research note. "As long as above mentioned neckline, the upside is favored." Ms. Bednarik identifies levels of support at 1.6130, 1.6100 and 1.6065