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GBP/USD: The 1.60 support level likely to attract buyers

The cable had a weak session on Tuesday, with the pair breaking below 1.595 before closing right below 1.60. This a key support area that attracted buying interest right away. This morning we see the same patter, with the market opening at 1.597 only to reverse son. With that being the case , it looks like the buyers will continue to push this market higher. For confirmation of the bullish bias, look for a break above Tuesday’s candlestick at 1.6037. If we do break above that area, next key level to watch sits at 1.611. In the alternative scenario, we would have to see a break below Tuesday’s hammer at 1.595 in order to re-consider our outlook.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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