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Forex pairs in this Article » GBP/USD (Chicago) - GBP/USD was able to break the 1.6370 resistance to reach weekly highs at 1.6381 on recently published US housing market data.

Recently released economic data reveals mixed results for housing market performance in the US. At -5.5%, MBA mortgage applications declined compared to prior results at 1%. Building permits were 1.007M vs. past 0.947M while housing starts (MoM) for November were 1.091M vs. expected 0.950M.

GBP/USD Technical Levels

Price action reveals the pair attempts to break the previously reached record aiming to retake the 1.6370 front shortly after the release of US data. Offered at 1.6374, the pair navigates between the supports aligned at 1.6348 (December 16th highs), 1.6288 (December 5th lows) ahead of 1.6237 (November 22nd highs) and the resistances set at 1.6418 (December 11th highs), 1.6464 (December 10th highs) followed by 1.6554 (May 15th 2011 highs). The pair remains trading above the EMA20 and is still reported s slightly bullish by the trend index on one-hour timeframe analysis.
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