Forex: GBP/USD posts 9-month high at 1.6987

The Sterling has risen around 170 pips against the Dollar during the American session from 1.6820 to post the highest level since October 21 at 1.6987 in its way to test 1.7000 level. Currently the pair is trading around 1.6935/45, 1.40% above today's opening price action.

Valeria Bednarik, Fxstreet.com collaborator, comments: “Pair has resume midterm uptrend, after breaking to the upside, both, 61.8% retracement of last weekly fall, and the roof of the range the pair has been trapped since early June. First strong resistance level comes at the 1.7120 area, followed by 1.7400 level. Downside corrections will find support around 1.6700, that should hold to keep bias intact. Intraday supports come at 1.6950 and 1.6900, while resistances from actual price lie 1.6980 and 1.7030.”