GBP/USD stalls after all-year highs visit

FXstreet.com (Chicago) - GBP/USD seems to be forging grounds after retracing from all-year peaks ahead of Wall Street’s closing.

With a GDP at 1.5% matching expectations, the UK seems on track. With market participants digesting better than expected results in the US and the latest UK results, the pound strengthens considerably.

GBP/USD Technical Levels

Price action reveals the pair stalls after retracing from session highs on spike to all-year highs at 1.6332 earlier today. 0.33% stronger for the day, the pair is now offered at 1.6268 and oscillates between the supports aligned at 1.6217 (November 26th highs), 1.6175 (November 22nd lows) ahead of 1.6134 (November 25th lows) and the resistances set at 1.6269 (September 30th highs), 1.6314 (September 16th 2012 highs) followed by 1.6387 (December 30th 2012 highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is strongly bullish and navigates above the EMA20.