Forex: GBP/USD hits fresh 8-month high

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Forex: GBP/USD hits fresh 8-month high

FITITOL--> FXstreet.com (San Francisco) - The GBP/USD pair has accelerated to an 8-month high late in the global day, having pushed as high as 1.6278, a level not seen since the 31st day of August 2011, as the dollar’s decline accelerated on the back of soft US GDP data.

As Adam Narczewski, Director at XTB Hungary comments, "UK is technically in recession and I do not see the reasons for the sterling's rise. I expect a corrective movement next week on the cable."

At time of writing, the pair is recording a 0.6% gain on the day, its 10th consecutive, last quoted at 1.6273, and up 1.7% on the month. To the upside, immediate resistance is noted at the 200-week EMA at 1.6293, then at 1.6323 (7 June low). To the downside, support levels lie at 1.6228 and 1.6191.