GBP/USD scope to test year high of 1.6380

FXstreet.com (Buenos Aires) - The upward momentum of Pound may have paused, but is no way reversing: after reaching a weekly high of 1.6216 this Friday, the GBP/USD spent most of the day consolidating around the 1.6200 level. As usual lately, the pair advance may include some maybe too long consolidative stages for the intraday trader, but no doubts its firm, and the pair points to close its third week in a row of gains.

However, further continuation will be dependent on the ability of the pair to extend beyond 1.6250 area, according to Valeria Bednarik, FXstreet.com chief analyst, as she notices several daily and weekly highs around the level from past September and October. Steady gains above the level, she also says, will likely open doors for a test of 1.6380, this year high posted early June. The downside on her view, seems pretty well limited by improving macro data in the UK, with dips down to 1.5910 being understood as buying opportunities.