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Forex pairs in this Article » GBP/USD (Barcelona) - Cable is last at fresh session lows 1.5699 retracing from session highs at 1.5739, on the back of broad USD strength. The pair is about flat for the week so far, capped below yesterday's weekly and fresh 4-month highs at 1.5750, ahead of key risk event at 08:30 GMT in the form of UK CPI.

The pair holding a positive bias

According to Valeria Bednarik, Chief Analyst at, “The pair maintains a strong positive bias, with a break above 1.5770 probably triggering stops and seeing a strong price acceleration.” In words of analyst at Windsor Brokers and contributor at Slobodan Drvenica, “Immediate targets lay at 1.5780/88, double Fibonacci resistance, 61.8% retracement/100% expansion,” with the downside “ideally contained above 1.5615, to keep bulls intact,” Drevenica said.

Key technical levels

Immediate support to the downside for GBP/USD lies at yesterday's weekly lows 1.5680, followed by Thursday's lows at 1.5644, and Friday's lows at 1.5614. To the upside, closest resistance shows at recent session/Monday's Asian session/Thursday's highs 1.5739, followed by yesterday's fresh 4-month highs at 1.5750, and Feb 11 highs at 1.5808.
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