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Forex pairs in this Article » GBP/USD (Córdoba) - Following a quick drop to levels sub-1.6300, the GBP/USD resumed the upside and broke above previous daily highs ahead of the NY open.

GBP/USD hits fresh daily highs

The GBP/USD bounced off a low of 1.6289 and climbed more than 50 pips within the last minutes, reaching a high of 1.6348 before easing slightly. At time of writing, the GBP/USD is trading at the 1.6340 zone, recording a 0.3% gain on the day.

GBP/USD technical outlook

"The unsuccessful test of the 1.6420 resistance sent the GBP/USD pair into a correction phase with an initial target of 1.6290. Crucial on the downside is the key 1.6250 support area", said Stoyan Mihaylov, analyst at "In the opposite direction, a decisive break of 1.6420 will signal the resumption of the uptrend with targets 1.6550 and 1.6740".
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