Forex: GBP/USD hovers below 7-mth high

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Forex: GBP/USD hovers below 7-mth high

FITITOL--> FXstreet.com (San Francisco) - Disappointing UK GDP data sent GBP/USD to a daily low of 1.6080 in overnight trading, but managed to regain the upside to touch a fresh 7-month high of 1.6180 on broad dollar weakness late in the US session before closing at 1.6160, recording its 8th consecutive day of gains.

“The overall bullish trend for the pair remains intact, with the hourly chart showing some consolidation at highs due to the lack of volume, while indicators hold in positive territory,” says Valeria Bednarik, Chief Analyst at FXstreet.com.

In Asia, GBP/USD is range bound between 1.6158 and 1.6176, last at 1.6170. The analyst says that the main target for the pair remains in the 1.6250 strong resistance area, with immediate resistance, noted at 1.6188 and 1.6210. To the downside, support levels lie at 1.6145, 1.6110 and 1.6075.