GBP/USD: Bullish break above 1.6650

FXStreet (Bali) - GBP/USD just broke higher after a spike took the exchange rate from 1.6630 up towards the 1.6670, which represents the higher level since March 10.

The catalyst leading to the heavy GBP buying is not clear at the moment, with wires not reporting any relevant headlines for the move.

Technically, Jim Langlands, Founder at FXCharts, notes: "Beyond 1.6650 price could squeeze towards 1.6685 and then to the 1.6695/1.6700 area (100/200 HMA’s & daily tenkan). Above 1.6700, could see a return towards the recent high of 1.6740." On the downside, 1.6650 ahead of 1.6625/30 should act as immediate support in Europe.