comments: "The Hourly Oscillators are bullish but weak and price is above the MA, so Cautious approach is needed. Hourly Trend is Sideways Up while 16140 level holds and Daily Trend is Sideways Down while 16505 holds, so expect the price to be choppy with an upside bias. The Patterns are choppy but pointing higher while 16195-16140 level holds. Conservative traders should be Sidelined or strictly trade only at our levels. Aggressive traders look to Long near 16195 level for a quick profit with a tight Stop."
For more information, read our latest forex news.
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Forex: GBP/USD rises to test 1.6300 level, back below to 1.6250

FXstreet.com (Barcelona) - GBP/USD has risen around 70 pips in the last hour from 1.6230 support to test 1.6300 level and post 1.6298 as fresh intra-week high. Pair is currently trading lower at 1.6235/45, 0.20% below today's opening price action.

Cable has been trading in recovery path from 1.6034, yesterday low to test 1.6300 several times in today's Asian session.

Rajoo C, analyst at Precise Trader, comments: "The Hourly Oscillators are bullish but weak and price is above the MA, so Cautious approach is needed. Hourly Trend is Sideways Up while 16140 level holds and Daily Trend is Sideways Down while 16505 holds, so expect the price to be choppy with an upside bias. The Patterns are choppy but pointing higher while 16195-16140 level holds. Conservative traders should be Sidelined or strictly trade only at our levels. Aggressive traders look to Long near 16195 level for a quick profit with a tight Stop."
For more information, read our latest forex news.

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